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$2,750,000
Est. payment /mo
0.34 Acres Lot
UPDATED:
12/17/2024 04:14 AM
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRIV24250595
Originating Board California Regional MLS
Year Built 1915
Lot Size 0.341 Acres
Property Description
Prime Investment Opportunity: Entitled 11-Unit Development with Existing Cash Flow in Long Beach This is a rare and highly attractive opportunity to acquire a stabilized 6-unit multifamily property situated on an oversized lot already entitled for an additional 5 units-bringing the total future unit count to 11 units. Upon completion, the project is projected to be valued at over $6,000,000, making this a compelling investment with significant upside potential. Key Highlights: Turnkey Existing Units: 5 of 6 units fully renovated with brand-new systems throughout the property, ensuring minimal immediate capital expenditures. Unit Mix (Existing 6 Units): (4) 1 Bed / 1 Bath (1) 2 Bed / 1 Bath (1) 2 Bed / 2 Bath Entitled 5 Additional Units: Development-ready plans for modern units: (2) 3 Bed / 2 Bath units with grade-level parking (3) 4 Bed / 3 Bath townhome-style units, also with grade-level parking Financial Performance: Stabilized Gross Income: Projected to generate nearly $37,000 per month upon full build-out. Strong Cap Rate: Stabilized at a 6.75% Cap Rate on cost. Attractive GRM: Achieves a 10.74 GRM on cost, underscoring strong investment fundamentals. Significant Profitability: Projected end value exceeds $6,000,000, providing exceptional upside in one o
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Interior
Laundry 30, 9
Exterior
Garage Spaces 5.0
Pool None
Building
Water District - Public
Others
Tax ID 7266009015
Special Listing Condition Not Applicable
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Listed by JENNIFER MENDOZA • EXP REALTY OF CALIFORNIA INC