$687,500
$700,000
1.8%For more information regarding the value of a property, please contact us for a free consultation.
1,742 Sqft Lot
SOLD DATE : 10/16/2019
Key Details
Sold Price $687,500
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Subdivision Willmore District (Wm)
MLS Listing ID SB19202951
Sold Date 10/16/19
HOA Y/N No
Year Built 1922
Lot Size 1,742 Sqft
Property Description
Turnkey opportunity! This clean and well-maintained triplex is currently performing at 13.2 GRM, with a 5.4% Cap Rate - cash flowing and outperforming the local market! The property consists of three large 1bed/1bath units, one 1car garage, and a community laundry room. Each unit is in great condition, offers a functional layout, and is separately metered for gas and electricity. The first floor unit has a larger bonus room, which adds value for the tenants and increases rent. The building is in great condition with recent improvements made, adding plenty of value for the new owner. Long Beach's first designated historic district, Willmore City / Drake Park Historic District, is a community rich in history, character, and charm. This dense rental market is perfect for investors who enjoy low vacancy rates, high market rental rates, and strong long-term appreciation. Close proximity to Downtown Long Beach provides maximum accessibility, with plenty of public transportation, freeway access, and a high walk score. The beach, parks, and other community amenities/ attractions like the Queen Marry and Aquarium are just minutes away! Long Beach is resurging due to hundreds of millions of dollars invested in private and public developments, a growing local economy with strong employment, and the increasing demand to "live, work, and play" in this remarkable community. This easy to own asset is a great addition to any portfolio!
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBPD10
Interior
Interior Features Built-in Features, Open Floorplan
Heating Wall Furnace
Cooling None
Fireplaces Type None
Fireplace No
Laundry Common Area
Exterior
Garage Spaces 1.0
Garage Description 1.0
Pool None
Community Features Biking, Curbs, Dog Park, Golf, Street Lights, Sidewalks, Water Sports, Park
Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Total Parking Spaces 1
Private Pool No
Building
Lot Description Near Park, Near Public Transit
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7272016023
Energy Description 840.0
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Financing Cash to New Loan,Conventional
Special Listing Condition Standard
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Bought with David Rosenfeld • Advantage Real Estate
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "