Description
100k Price Reduction! 10-unit building located in the heart of Long Beach, offering not only 6 fully renovated vacant residential units but also 4 retail spaces (with plans to convert to 4 residential units), all priced at an amazing $249k per door. The numbers speak for themselves with a remarkable 5.2% Cap Rate and a 13.4 GRM from day 1, with upside potential for even greater returns with projected figures of a 7.7% Cap Rate and a 9.9 GRM on Proforma. And if that wasn't enough to pique your interest, there are preliminary plans to convert the attached garages into 2 attached (1bed/1bath) ADUs, further improving the numbers to only 207k/door, 9.5% Cap Rate, and 8.2 GRM. On top of that, there are plans in place to convert the 4 retail stores into 4 additional residential units - perfect for maximizing rental income potential. But wait, there's more! The unit mix is easy to rent out, consisting of six spacious one-bedroom and one-bathroom apartments alongside four large storefronts. What sets this property apart is that each unit has its own gas and electricity metering, ensuring hassle-free management for both tenants and landlords alike. The 6 residential units have been fully renovated and boast new modern cabinets, flooring, lighting, new bathrooms, as well as significant exterior improvements including brand-new stairs and decks. Situated on a generous lot spanning over 9,200 square feet, this property offers ample space for tenants' vehicles with nine open parking spots at the rear plus an additional four garages that hold potential for conversion into ADUs as well. Don't let this chance slip through!
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6BEDS
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0.21ACRES
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0BATHS
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01/2 BATHS
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6,086SQFT
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$410$/SQFT
School Ratings & Info
Description
100k Price Reduction! 10-unit building located in the heart of Long Beach, offering not only 6 fully renovated vacant residential units but also 4 retail spaces (with plans to convert to 4 residential units), all priced at an amazing $249k per door. The numbers speak for themselves with a remarkable 5.2% Cap Rate and a 13.4 GRM from day 1, with upside potential for even greater returns with projected figures of a 7.7% Cap Rate and a 9.9 GRM on Proforma. And if that wasn't enough to pique your interest, there are preliminary plans to convert the attached garages into 2 attached (1bed/1bath) ADUs, further improving the numbers to only 207k/door, 9.5% Cap Rate, and 8.2 GRM. On top of that, there are plans in place to convert the 4 retail stores into 4 additional residential units - perfect for maximizing rental income potential. But wait, there's more! The unit mix is easy to rent out, consisting of six spacious one-bedroom and one-bathroom apartments alongside four large storefronts. What sets this property apart is that each unit has its own gas and electricity metering, ensuring hassle-free management for both tenants and landlords alike. The 6 residential units have been fully renovated and boast new modern cabinets, flooring, lighting, new bathrooms, as well as significant exterior improvements including brand-new stairs and decks. Situated on a generous lot spanning over 9,200 square feet, this property offers ample space for tenants' vehicles with nine open parking spots at the rear plus an additional four garages that hold potential for conversion into ADUs as well. Don't let this chance slip through!
Based on information from California Regional Multiple Listing Service, Inc. as of 2023-09-22T13:35:38.167. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Zia Group | eXp Realty. Licensed in the State of California, USA.