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1034 Newport AVE Long Beach, CA 90804
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Key Details
Sold Price $1,600,000
Property Type Multi-Family
Sub Type Fourplex
Listing Status Sold
Purchase Type For Sale
MLS Listing ID CRSB24243567
Sold Date 03/04/25
Originating Board California Regional MLS
Year Built 1972
Lot Size 6,251 Sqft
Property Sub-Type Fourplex
Property Description
4 units in a great LB location with a 91 Walk Score, nearby shopping, dining, Rec Park and more. Attractive unit mix: 1-3BR/2BA (single story), 2-2BR/2BA (2 story townhouses) and 1-2BR/1BA (2 story townhouse). Most units remodeled with new floors, all units are spacious and with well appointed floorplans. All units have a separate water heater and all electric building. Ample parking:(3) single car garages and (1) two car garage. Garages had a brand new roof last year. Onsite laundry facility and the entire property is gated and fully secured. The property currently grosses approx $113,700 per year and is priced attractively at a real 4.31% CAP (actual) and a 14.73 GRM. At market rents the property is a 12.50 GRM and 5.45% CAP. Approx 18% upside in current rents.
Location
State CA
County Los Angeles
Area 3 - Eastside, Circle Area
Interior
Laundry Laundry Area
Exterior
Garage Spaces 5.0
Pool None
Building
Lot Description Grade - Level
Water District - Public
Others
Tax ID 7258008006
Special Listing Condition Not Applicable
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Bought with Erik Ransdell