Robert Castro
This listing was posted on RealtyWW.
$2,400,000
Home For Sale In Long Beach, California
Price:
$2,400,000
BR/BA:
10+ BR, 10+ BA
Location:
1141 E 16th St, Long Beach, CA
Description:
Beautifully restored 9 unit building in the Poly High neighborhood of Long Beach- Central Long Beach. Pride of ownership property, same owner over 40 years. The property was just painted less than a year ago. Sandblasted, new stucco, paint, wood trim. Great mix of 17 bedrooms and 10 baths. The Landlord currently uses the front (one bedroom) unit as his office, where he spent approx $15, 000 in capital expenditures- gutting the unit and placing new floors, cabinets, counters, bathroom fixtures, shower stall, plumbing. It will be available at close (or prior if needed) and can easily be rented for $1800-$2000. A few other units have had nice capital expenditures as well in last 24 months. You have a total of 6 newer garage doors, plus 6 parking spaces. Perfect for long term investor looking for a property that cashflows nicely. Current gross market rent is apprx. $220, 800. Rent increases have been issued, and rent on March 15, 2024, increases by max 8.8% (California Rent Control), to $238, 000, plus small laundry income. 7.8% Cap Rate based on PRESENT rent. Property sold AS-IS. Please send Proof of Down Payment, Letter of Interest (if applicable) from commercial bank, with offers.For more details: https://realtyww.info/homes_long-beach-d523493/for-sale_i69257935
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More About this Listing: Home For Sale In Long Beach, California
Home For Sale In Long Beach, California is a 10+ BR 10 Bathroom, 10+ BA Single-Family Homes for Sale at 1141 E 16th St in Long Beach CA. Find other listings like Home For Sale In Long Beach, California and listings near 1141 E 16th St by searching Oodle Classifieds for 10+ BR 10 Bathroom, 10+ BA Single-Family Homes for Sale in Long Beach CA.
Home For Sale In Long Beach, California is a 10+ BR 10 Bathroom, 10+ BA Single-Family Homes for Sale at 1141 E 16th St in Long Beach CA. Find other listings like Home For Sale In Long Beach, California and listings near 1141 E 16th St by searching Oodle Classifieds for 10+ BR 10 Bathroom, 10+ BA Single-Family Homes for Sale in Long Beach CA.