21
See all 21 photos
$3,990,000
Est. payment /mo
10,429 Sqft Lot
Price Dropped by $110K
477 E South ST Long Beach, CA 90805
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Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRPTP2407021
Originating Board California Regional MLS
Year Built 1961
Lot Size 10,429 Sqft
Property Description
Invest in Long Beach near Bixby Knolls 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 5.58% at 100% occupancy. One unit is currently vacant. Fourteen of 15 existing leases are month-to-month. 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, 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-use development Rhythm (under construction), and easy access to the 91, 710 and 405 freeways.
Location
State CA
County Los Angeles
Area 7 - North Long Beach
Interior
Laundry Laundry Area
Exterior
Garage Spaces 12.0
Pool None
Building
Lot Description Grade - Level
Others
Tax ID 7125032033
Special Listing Condition Not Applicable
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Listed by Jeff Kim • eXp Realty of California, Inc.