477 South st, Long Beach, CA 90805
Active
$3,990,000
9%
16 Units
24 Beds
12 Baths
9,840 Area(sq.ft.)
Lot: 10,429 Lot Size(sq.ft.)
| Type | # of Units | Bedroom | Bath | Furnished | Rent | Actual Rent | Projected Rent |
|---|---|---|---|---|---|---|---|
| 0 | $ 0 | $ 0 | $ 0 |
| MLS #: | PTP2407021MR |
| Days On Market: | 395 |
| Listing Date: | November 6, 2024 |
| County: | Los Angeles |
| Property Type: | Residential Income |
| Price per ft2: | $ 405 |
| Price per unit: | $ 249,375 |
| Year Built: | 1961 |
Property Details
Invest in Long Beach near Bixby Knolls and own this updated 16-unit apartment community. Composed of a desirable unit mix of all 2-bed, 1-bath units across two buildings with a courtyard in between, this property boasts a scheduled CAP rate of 5.58% at 100% occupancy. One unit is currently vacant. Fourteen of 15 existing leases are month-to-month. Five of the 16 units are newly renovated (2024) with updated plumbing, paint, flooring and kitchen finishes. Two of these five units also feature upgraded bathrooms and lighting throughout. More 2024 building updates include all new electrical panels, and new water lines to 8 of the 16 units. A community laundry room provides additional income. This apartment building is located near Atlantic Avenue restaurants and shops, the new KB Homes mixed-use development Rhythm (under construction), and easy access to the 91, 710 and 405 freeways.Interested in this Listing?
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Income Details
| Rent Control: | False |
| Total Annual Expense: | $ 120,910 |
| Net Operating Income: | $ 181,975 |
| Cap Rate: | 5.58% |
| Actual Gross Rent: | $ 26,228 |
Structure
| Community Features: | Curbs, Sidewalks, Urban |
Land & Parking
| Zoning: | LBCMR |
| Land Lease Type: | Fee |
| Total Parking: | 12 |
Interior
| Laundry: | Laundry Area |
| Laundry Income: | 905.00 |
Exterior
| Pool: | No |
| Spa: | No |
Detailed Map
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