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This updated 16-unit apartment community is now fully occupied and boasts a current CAP rate of 6.51%. All units have 2-bed, 1-bath floor plans. Nine of the 16 units were recently renovated - four of which were partially updated, and the other five were remodeled top-to-bottom with new paint, flooring, lighting, and brand new kitchen and bathroom finishes. Recent exterior upgrades include a new roof, new exterior railings, improved decks and walkways and select window replacements. This property also offers additional income potential with architectural plans to convert 8 garage spaces into 4 ADUs - the current owner passed the pre-planning stage with the City. More building features include a controlled-access gate for extra privacy and security and a community laundry room. This apartment community is located in a residential yet walkable pocket of Southwest Long Beach, near the heart of Downtown and the East Village Arts District.
Property Type(s):
Residential Income
| Last Updated | 1/8/2025 | Year Built | 1964 |
|---|---|---|---|
| Community | 197 - Long Beach | Garage Spaces | 8.0 |
| County | Los Angeles |
Price History
| Prior to Jan 8, '25 | $4,100,000 |
|---|---|
| Jan 8, '25 - Today | $3,900,000 |
Additional Details
| APPLIANCES | Electric Range, Refrigerator |
|---|---|
| AREA | 197 - Long Beach |
| GARAGE | Yes |
| HEAT | None |
| LOT | 7558 sq ft |
| LOT DESCRIPTION | Level |
| PARKING | Garage, On Street |
| POOL DESCRIPTION | None |
| SEWER | Public Sewer |
| STORIES | 3+ |
Location
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Listed with eXp Realty of California, Inc.
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