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Listed by Anthony Walker, DRE #01908153 • Buckingham Investments, Inc
$ 3,195,000
Est. payment | /mo
5,433 Sqft Lot
$ 3,195,000
Est. payment | /mo
5,433 Sqft Lot
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRSB26216803
Year Built 1964
Lot Size 5,433 Sqft
Source California Regional MLS
Property Description
Price Reduction! Rare opportunity to own a turnkey 10-unit, non-rent-controlled apartment building in North Long Beach, producing strong cash flow at an approximately 7% current cap rate from day one. The building was taken down to the framing in 2022 under permit and extensively rebuilt with a new roof, new electrical and plumbing systems, new HVAC, new windows, and an individual water heater for every unit. Interiors feature new cabinetry, flooring, recessed lighting, updated bathrooms, and stainless steel appliances, complemented by drought-tolerant landscaping. The unit mix consists of five 1 bed / 1 bath units and five 2 bed / 1 bath units, including three newly built ADUs. Gas and electricity are separately metered and paid directly by the tenants. Four of the ten units are master leased to a single organization, providing one rent payment each month and reduced property management demands. With every major building system substantially new, near-term capital expenditure requirements are minimal. As a non-LA-City rent-controlled asset, the property also allows significant 8.7% annual rent increases (5% + CPI) for future upside. The property is located roughly five miles from Douglas Park and the Long Beach Airport aerospace corridor, where Anduril, Rocket Lab, Relativity, a
Location
State CA
County Los Angeles
Area 7 - North Long Beach
Interior
Heating Wall Furnace
Laundry Laundry Area
Exterior
Pool None
View None
Building
Water District - Public
Others
Tax ID 7126025019
Special Listing Condition Not Applicable
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