$1,500,000
$1,500,000
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1118 E 17th ST Long Beach, CA 90813
6,534 Sqft Lot
Key Details
Sold Price $1,500,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Subdivision Poly High (Ph)
MLS Listing ID SB21147642
Sold Date 09/27/21
HOA Y/N No
Year Built 1970
Lot Size 6,534 Sqft
Property Description
1118 E 17th Street, a four-unit apartment building in Long Beach. This is the highest CAP rate 4 plex on the market in the city. The vacant unit, paired with historically low interest rates, provides a unique opportunity to owner-occupy and have the other tenants pay your mortgage, all expenses and still yield a NET POSITIVE RETURN!!!
The four-unit building is comprised of four (4) three-bed/one-and-a-half-bath two-story townhouse style units and was built in 1970. The units all have in-unit laundry, private patios and dual pane windows. There are 5 parking spaces available for tenants and a storage room that is currently used by the owner. The units are separately metered for gas and electricity and the owner recently had the water submetered to minimize landlord expenses. The complex also offers secure gated entry from both the front and rear of the parcel.
1118 E 17th Street provides an exciting opportunity to owner-occupy and/or acquire a positive cash flowing asset in a city that has and will see the steepest trajectory of growth in Southern California. While currently positioned at a current 12.79 GRM and 5.85% CAP rate, the subject property has potential upside to a 11.60 GRM and 6.63% CAP rate.
Location
State CA
County Los Angeles
Area 9 - Poly High
Interior
Fireplace No
Laundry Inside
Exterior
Pool None
Community Features Sidewalks
Total Parking Spaces 5
Private Pool No
Building
Lot Description Rectangular Lot
Story 2
Sewer Unknown
Water Public
New Construction No
Others
Senior Community No
Tax ID 7268023039
Acceptable Financing Cash, Cash to New Loan, Conventional, 1031 Exchange
Listing Terms Cash, Cash to New Loan, Conventional, 1031 Exchange
Financing Cash to Loan
Special Listing Condition Standard
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Bought with Christopher Van Vuuren • Lyon Stahl Investment Real Estate, Inc.