938 Stanley AVE new Save Request In-Person Tour Request Virtual Tour
Long Beach,CA 90804
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Eastside (Es)
MLS Listing ID SB25092114
Construction Status Updated/Remodeled
HOA Y/N No
Year Built 1925
Lot Size 5,201 Sqft
Property Sub-Type Apartment
Property Description
We are pleased to exclusively offer for sale this 9 Unit Multi-Family investment located in the vibrant 90804 submarket of Long Beach. This 5,201 SF lot is centrally positioned in Long Beach and offers tenants convenient access to the entirety of the city as well as the confluence of both Los Angeles and Orange County freeway systems. In addition to the building's excellent location, it has an outstanding unit mix consisting of (2) 2 Bed/2 Bath Units, (2) 2 Bed/1 Bath units, and (5) 1 Bed/1 Bath units. Further, the front house has a new roof and many of the major electric and plumbing systems have been upgraded. This kind of meticulous management is indicative of a well-run operation providing a smooth, headache free investment. As it stands, the offering presents strong day one income with a current CAP Rate of 6.00% as well as a GRM of 10.95 and future upside with a pro forma CAP Rate of 7.41% and GRM of 9.68. Along these lines, the property features onsite washer and dryer hookups allowing investors an easy avenue to increase their annual Cash Flow upon acquisition. All in all, the building is a half mile from Retro Row and just over a mile from the Traffic Circle and the vast dining, shopping, and entertainment options therein. This provides much optimism for continued rent growth and appreciation within the submarket in both the near and distant future, as housing demand and economic stability are two of the main drivers in investment real estate.
Location
State CA
County Los Angeles
Area 3 - Eastside, Circle Area
Zoning LBR2N
Interior
Interior Features Balcony,Ceiling Fan(s),Granite Counters,Pantry,Storage,Bedroom on Main Level
Heating Central,Wall Furnace
Cooling Central Air,Wall/Window Unit(s)
Flooring Vinyl,Wood
Fireplace No
Appliance 6 Burner Stove,Dishwasher,Electric Range,Gas Oven,Microwave,Refrigerator,Water Heater
Laundry Washer Hookup,Gas Dryer Hookup
Exterior
Parking Features None
Fence Wood
Pool None
Community Features Biking,Curbs,Dog Park,Golf,Gutter(s),Park,Street Lights,Urban
Utilities Available Electricity Available,Natural Gas Available,Sewer Available,Water Available
View Y/N Yes
View Neighborhood
Roof Type Flat
Private Pool No
Building
Lot Description Corner Lot,Front Yard,Near Public Transit,Rectangular Lot
Story 2
Entry Level Two
Foundation Concrete Perimeter
Sewer Sewer Tap Paid
Water Public
Architectural Style Craftsman
Level or Stories Two
New Construction No
Construction Status Updated/Remodeled
Others
Senior Community No
Tax ID 7262014013
Security Features Carbon Monoxide Detector(s),Fire Detection System,Smoke Detector(s)
Acceptable Financing Cash,Cash to New Loan,Conventional,1031 Exchange
Listing Terms Cash,Cash to New Loan,Conventional,1031 Exchange
Special Listing Condition Standard