1641 Locust Avenue, Long Beach
Long Beach Home For Sale
NEW PRICE! Excellent Assumable Financing Available! 3.63% Interest Rate - Fixed for 7.5 Years! We are pleased to exclusively offer for sale this 14 unit multi-family investment in the city of Long Beach. The subject property consists of 3 separate structures of which, all units are separately metered for electricity and gas. Additionally there is a RUBS system currently in place in which the tenants are charged back for all usage of water and trash. This leads to almost no utility cost for the investor. Tenants enjoy gated private entry as well as 5 enclosed garage spaces that are rented out for additional income. A majority of the electrical and plumbing has been updated within the past 7 years as tenants vacate and the units are rehabbed. The roof was replaced within the last 7 years as well. There are currently 3 vacancies that are rent ready and will be held vacant at COE for a new buyer to choose their own tenants and attain market rent immediately. This is a true value-add opportunity as there is approximately 35-40% upside in rental income. Utilizing the assumable financing that is in place, a new investor can look to enjoy a 6.7% CASH-ON-CASH return on Day 1 with the current rental rates that are in place, with an even more significant cash return available upon stabilizing the asset with market rental rates.
Property Details
Additional Information
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- City:
- Long Beach
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- County:
- Los Angeles
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- Zip:
- 90813
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- MLS® #:
- CV23068594
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- Bedrooms:
- 3
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- Bathrooms:
- 12
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- Lot Size:
- 0.17
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- Levels:
- Two
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- Garages:
- 5
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- HOA Dues:
- $
Price Change History for 1641 Locust Avenue, Long Beach, (MLS® #CV23068594)
| Date | Details | Price | Change |
|---|---|---|---|
| Pending | – | – | |
| Active | – | – | |
| Pending (from Active) | – | – | |
| Price Reduced (from $2,600,000) | $2,450,000 | $150,000 (5.77%) |
Based on information from California Regional Multiple Listing Service, Inc. as of May 18th, 2024 at 9:55am PDT. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.