Property listed by Sage Real Estate Group, Inc., Cody Charnell 562-896-3851
$2,075,000
Spanish-style 8-unit apartment building located in the South Wrigley neighborhood of Long Beach. The property recently received a full exterior refresh and the interiors have been renovated at different times over the past five years. The building is in good condition with strong in-place rents, offering stable income and future… Read More upside.
The property includes 8 garages at the rear that are currently unused and offer a new owner several opportunities to add value. A new owner could: Lease the garages for extra parking income, Convert the garages into ADUs, or take advantage of SB 1211, which may allow up to 8 new ADUs on the site (buyer to verify). If developed, 8 new studio ADUs rented at $1,500/month could add $144,000 in gross annual income. This property offers classic curb appeal, updated interiors, steady cash flow, and multiple opportunities to increase revenue. Read Less
Listing Snapshot
Days Online
0
Last Updated
Property Type
Apartment
Lot Size
0.19 Acres
Year Built
1932
MLS Number
PW25191546
Additional Details
Building
Built in 1932, 1 building, 2 stories, Levels: Two, Entry level: 1, Entry location: Front
Community
Urban
Cooling
None
Expenses
Operating: $60,234
Fireplaces
None
Garage
8 spaces
Heating
WallFurnace
Home Owner's Association
Association Fee: $0
Income
Gross Income: $183,012, Gross ScheduledIncome: $183,012, Net Operating Income: $113,628
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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