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Listed by Steven Bogoyevac • Steven M. Bogoyevac, Broker
$2,850,000
Est. payment /mo
6,963 Sqft Lot
Price Dropped by $145K
473 E 55th ST Long Beach, CA 90805
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Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRPW25148000
Year Built 1962
Lot Size 6,963 Sqft
Source California Regional MLS
Property Description
10 Renovated Non-Rent Controlled units cash flowing at an amazing Current Cap Rate of 6.25% from day 1! Large unit mix of 9 (2bed/1bath) units and 1 (1bed/1bath) unit including 2 brand-new attached ADUs. Most units boast updated cabinets, flooring, kitchen, bathrooms, exterior improvements, and more. Individually metered for gas, electricity, and tenants pay their own trash further minimizing the operating expenses. Non-LA-City rent controlled asset allowing significant 8% annual rent increases (5%+CPI) for future upside. The property also offers on-site laundry and parking that generates additional income. Prime North Long Beach location minutes from the beach and central to the 405, 710 and 605 Freeways, offering tenants easy access to attractions and employers across the region. Long Beach is a popular rental market and population and employment hub with easy access to the beach, colleges (such as Cal State Long Beach), and major attractions including the Queen Mary, Aquarium of the Pacific, and more. Long Beach offers investors the opportunity to acquire assets in a coastal rental market with low vacancy rates without premium coastal pricing.
Location
State CA
County Los Angeles
Area 9 - Poly High
Interior
Laundry Community Facility
Exterior
Garage Spaces 6.0
Pool None
Building
Water District - Public
Others
Tax ID 7127024033
Special Listing Condition Not Applicable
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