$1,385,000
$1,410,000
1.8%For more information regarding the value of a property, please contact us for a free consultation.
2 Beds
1 Bath
5,325 Sqft Lot
SOLD DATE : 10/07/2021
Key Details
Sold Price $1,385,000
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Sold
Purchase Type For Sale
MLS Listing ID PW21037559
Sold Date 10/07/21
Bedrooms 2
HOA Y/N No
Lot Size 5,325 Sqft
Property Description
We are proud to offer a 5-unit apartment building in the Wrigley Area of Long Beach California. The subject property is located at 2325 Earl Avenue, just two blocks East of Pacific Avenue. and three blocks South of Willow Avenue. Located within close proximity to numerous forms of public transportation, a strong Walk Score of 86 indicating most errands can be accomplished by foot. This unit mix consists all two bedrooms/ one-bathroom units that offer a range of floor plans and square footages. Built in 1964, this property is a two-story garden style building with four enclosed garages in the rear. With approximately 4,666 rentable square feet, and a lot size of 5,325 sq. ft. the property is individually metered for gas and electricity. The income on the property has been very consistent with a sub 3% vacancy rate and very little to no turnover over the past 24 months. Rents have been averaging $1.84 sq.ft. over the past year, but with some interior improvements, and an upcoming vacancy, the rents can be over elevated to over $2 sq.ft. in todays rental market. With rents 15% below market, an investor looking to add value could dramatically improve their cash flow by upgrading the units, bumping rents up to market rate, activating the garages for additional income and thus making this acquisition a valuable addition to any investors portfolio.
We are proud to offer a 5-unit apartment building in the Wrigley Area of Long Beach California. The subject property is located at 2325 Earl Avenue, just two blocks East of Pacific Avenue. and three blocks South of Willow Avenue. Located within close proximity to numerous forms of public transportation, a strong Walk Score of 86 indicating most errands can be accomplished by foot. This unit mix consists all two bedrooms/ one-bathroom units that offer a range of floor plans and square footages. Built in 1964, this property is a two-story garden style building with four enclosed garages in the rear. With approximately 4,666 rentable square feet, and a lot size of 5,325 sq. ft. the property is individually metered for gas and electricity. The income on the property has been very consistent with a sub 3% vacancy rate and very little to no turnover over the past 24 months. Rents have been averaging $1.84 sq.ft. over the past year, but with some interior improvements, and an upcoming vacancy, the rents can be over elevated to over $2 sq.ft. in todays rental market. With rents 15% below market, an investor looking to add value could dramatically improve their cash flow by upgrading the units, bumping rents up to market rate, activating the garages for additional income and thus making this acquisition a valuable addition to any investors portfolio.
Location
State CA
County Los Angeles
Area Long Beach (90806)
Zoning Public Rec
Exterior
Exterior Feature Stucco
Garage Unit1:Assigned
Building
Lot Description Curbs, Sidewalks
Story 2
Lot Size Range 4000-7499 SF
Level or Stories 2 Story
Others
Acceptable Financing Exchange
Space Rent $8,659
Listing Terms Exchange
Read Less Info
Want to know what your home might be worth? Contact us for a FREE valuation!
Our team is ready to help you sell your home for the highest possible price ASAP
Bought with NON LISTED AGENT • San Diego
1420 Kettner Blvd, Suite 100, Diego, CA, 92101, United States