Long Beach, CA 90813,1775 Locust Avenue
Long Beach, CA 90813,1775 Locust Avenue
Long Beach, CA 90813,1775 Locust Avenue
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$2,049,000
Est. payment /mo
7,176 SqFt
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Key Details

Property Type Commercial

Sub Type Other

Listing Status Active

Purchase Type For Sale

Square Footage 7,176 sqft

Price per Sqft $285

MLS Listing ID CL25543763

HOA Y/N No

Year Built 1962

Lot Size 7,509 Sqft

Acres 0.17

Property Sub-Type Other

Property Description

PRICE REDUCED - and PRICED TO SELL. Currently a 9.0 GRM and 7.2% CAP with upside to a 8.0 GRM and 8.4% CAP. 9 units in Long Beach. Excellent unit mix for the area. Well-maintained and professionally managed property. Property is subject to AB 1482 Rent Control (5% + CPI increase allowed). 4 garages in the rear. On-site laundry. A number of units here are rented to Section 8 and Housing Programs - rents could easily be increased based on Payment Standards for the 90813 zip code. The 4 garages in rear could potentially be converted to ADU's - Buyer to verify. Qualified Buyers can put down as little as 25% on a new loan. Earn over 11% cash on cash against in place rents, and over 15% cash on cash at market. EMAIL LISTING AGENT FOR MORE INFO INCLUDING A RENT ROLL AND OM.

Location

State CA

County Los Angeles

Zoning LBR4

Interior

Heating Wall Furnace

Cooling None

Fireplace No

Building

New Construction No

Others

Tax ID 7269010037


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Bridge MLS
Listed by Jonathan Swire • The Agency

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1775 Locust Avenue