477 E South Street
Long Beach, CA 90805
0.24 acres | #PTP2407021
Description
Invest in north Long Beach and own this updated 16-unit apartment community. Composed of a desirable unit mix of all 2-bed, 1-bath units across two buildings with a courtyard in between, this property boasts a scheduled CAP rate of 5.05% at 100% occupancy, and significant rent upside. Two units are vacant and ready for market-rent tenants, and all existing tenants are on month-to-month leases. Five of the 16 units are newly renovated (2024) with updated plumbing, paint, flooring and kitchen finishes. Two of these five units also feature upgraded bathrooms and lighting throughout. More 2024 building updates include all new electrical panels (main and subs), and new water lines to 8 of the 16 units. A community laundry room provides additional income. This apartment building is located near Atlantic Avenue restaurants and shops, the new KB Homes mixed used development Rhythm (under construction), and easy access to the 91, 710 and 405 freeways.
Property Details
- Lot DescriptionLevel
- Stories2
Measurements
- Acres0.2394
Construction Details
- Property TypeMulti-Family
Condition
- Year Built1961
Community and Neighborhood Details
- CountyLos Angeles
Financial Details
- Original List Price$4,400,000
Other
- MLS #PTP2407021
Location
Legal
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Last Updated: . Source: CRMLS
Listing Courtesy
Listing Agent: Jeff Kim (#813017)
Listing Office: eXp Realty of California, Inc. (#87594)
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