329 14th Street, Long Beach
Long Beach Home For Sale
Back on the market! Seller motivated and ready for your offer! Fully leased 10 unit apartment complex, all 2 bed 1 bath units! Apartment building is currently undergoing extensive California SB-721 compliance renovations to elevated walkways and balconies. All buildings starting in 2025 in California will have their balconies and elevated walkways inspected. Many will require extensive rebuilds. Avoid the headache by buying an apartment complex that is having it all done pre-emptively and professionally by a structural engineering firm and licensed decking company. Currently, the property generates a gross rent of $194,000 per year. However, there is considerable room for growth by adjusting rental rates to align with the current market value. Configuration may even present a condo conversion (buyer to verify), allowing the right investor to capitalize on the rising demand for affordable homeownership options in the area. Substantial capital improvements have been recently completed, including the current project. These enhancements include major plumbing overhauls, including the installation of a new sewer line. Additionally, a new fire alarm system, video surveillance system, and upgraded water heaters have been implemented, enhancing security, and overall resident comfort. Long Beach, a thriving multi-family submarket within the Los Angeles metro area, boasts an impressive vacancy rate of only 3.8% as of Q1 2023. Additional Advantages: A notable advantage of this property is its fully secured and gated 17-car parking garage—an exceptional feature that is rarely found in this locale. The information provided is based on estimates and should be independently verified. This property is being offered as part of a 1031 Exchange. Building is offered in AS IS condition. OM in Docs/Attachments
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® #:
- PW23077714
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- Lot Size:
- 0.17
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- HOA Dues:
- $
Price Change History for 329 14th Street, Long Beach, (MLS® #PW23077714)
| Date | Details | Price | Change |
|---|---|---|---|
| Active Under Contract (from Active) | – | – | |
| Price Reduced (from $3,199,999) | $2,799,000 | $400,999 (12.53%) |
Based on information from California Regional Multiple Listing Service, Inc. as of May 5th, 2024 at 5:20pm 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.