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Listed by Steven Bogoyevac • Steven M. Bogoyevac, Broker
$ 2,995,000
Est. payment /mo
Active
473 East 55th Street Long Beach, CA 90805
7,592 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Commercial/Residential
Listing Status Active
Purchase Type For Sale
Square Footage 7,592 sqft
Price per Sqft $394
Subdivision Poly High
MLS Listing ID PW-25148000
Year Built 1962
Lot Size 6,963 Sqft
Property Sub-Type Commercial/Residential
Property Description
10 Renovated Non-Rent Controlled units cash flowing at an amazing Current Cap Rate of 6% 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
Zoning LBR1N
Interior
Laundry Community
Exterior
Parking Features Gated
Pool None
Community Features Suburban
Building
Lot Description Rectangular Lot
Sewer Public Sewer