1141 16th Street, Long Beach
Long Beach Home For Sale
Beautifully restored 9 unit building in the Poly High neighborhood of Long Beach- Central Long Beach. Pride of ownership property, same owner over 40 years. The property was just painted less than a year ago. Sandblasted, new stucco, paint, wood trim. Great mix of 17 bedrooms and 10 baths. The Landlord currently uses the front (one bedroom) unit as his office, where he spent approx $15,000 in capital expenditures- gutting the unit and placing new floors, cabinets, counters, bathroom fixtures, shower stall, plumbing. It will be available at close (or prior if needed) and can easily be rented for $1800-$2000. A few other units have had nice capital expenditures as well in last 24 months. You have a total of 6 newer garage doors, plus 6 parking spaces. Perfect for long term investor looking for a property that cashflows nicely. Current gross market rent is apprx. $220,800. Rent increases have been issued, and rent on March 15, 2024, increases by max 8.8% (California Rent Control), to $238,000, plus small laundry income. 7.8% Cap Rate based on PRESENT rent. Property sold AS-IS. Please send Proof of Down Payment, Letter of Interest (if applicable) from commercial bank, with offers.
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® #:
- DW24022648
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- Bedrooms:
- 17
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- Bathrooms:
- 10
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- Lot Size:
- 0.15
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- Neighborhood:
- Poly High (PH)
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- Levels:
- Two
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- Garages:
- 6
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- HOA Dues:
- $
Based on information from California Regional Multiple Listing Service, Inc. as of May 3rd, 2024 at 6:30pm 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.