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10-Unit Property in the Densely Populated North East Village NeighborhoodThis 10-unit property is located in the highly desirable North East Village neighborhood. Priced at $208K per unit, it is fully stabilized, operating with a 10.60 gross rent multiplier (GRM) and a 6% capitalization rate based on current rental income. The unit mix consists of 7 studios, 2 one-bedroom units, and 1 two-bedroom unit. At market rental income, the GRM improves to 9.79, and the cap rate rises to 6.5%.All units have been remodeled, and both the roof and electrical panel were updated in 2024. The building is master-metered with a RUBS (Ratio Utility Billing System) in place, currently covering 60% of utility expenses. Additionally, an onsite coin-operated laundry room provides extra income and convenience for tenants.Centrally located near St. Mary Medical Center, downtown Long Beach, the beach, and major freeways, this property offers excellent accessibility. It is a rare opportunity to acquire a turn-key asset at an attractive value.
Property Type(s):
Residential Income
| Last Updated | 10/17/2024 | Year Built | 1922 |
|---|---|---|---|
| Community | Downtown Area, Alamitos Beach | County | Los Angeles |
Additional Details
| AIR | Whole House Fan |
|---|---|
| AIR CONDITIONING | Yes |
| AREA | Downtown Area, Alamitos Beach |
| GARAGE | None |
| HEAT | Wall Furnace |
| LOT | 6289 sq ft |
| LOT DESCRIPTION | 6-10 Units/Acre |
| PARKING | None |
| POOL DESCRIPTION | None |
| SEWER | Public Sewer |
| STORIES | 2 |
| UTILITIES | Electricity Available,Natural Gas Available |
| VIEW DESCRIPTION | None |
| WATER | Public |
| ZONING | LBR4R |
Location
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Listed with Buckingham Investments, Inc
The information being provided by Conejo Simi Moorpark Association of REALTORS® (“CSMAR”) is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (“IDX”) program of CSMAR. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. Any information relating to a property, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CSMAR and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
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