473 E 55th Street, Long Beach, CA 90805
- $2,925,000
- List Price
- $2,925,000
- Status
- ACTIVE
- MLS#
- PW26083293
- Year Built
- 1962
- Lot Size
- 6,963
- Acres
- 0.16
- Lot Location
- Rectangular Lot
- Days on Market
- 97
- Property Type
- Multifamily
- Property Sub Type
- Mixed Use
- Neighborhood
- Poly High (Ph)
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.
Additional Information
- Pool Description
- None
- Sewer
- Public Sewer
- Water
- Public
- Attached Structure
- Detached
- Number Of Units Total
- 10
- Gross Scheduled Income
- $243,099
- Operating Expense
- 239406
Listing courtesy of Listing Agent: Steven Bogoyevac (steve.bogoyevac@marcusmillichap.com) from Listing Office: Steven M. Bogoyevac, Broker.
Mortgage Calculator
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