Property listed by Younglewin Advisors, Inc., Jackson Jorgensen [email protected]
$1,900,000
COURT ORDERED SALE- SELLER AND BROKER CANNOT MAKE ANY REPRESENTATIONS TO THE CONDITION OR HISTORY OF THE PROPERTY. ACCEPTED OFFER SUBJECT TO COURT CONFIRMATION.
We are pleased to present 1085 Lewis Avenue, a 14-unit multifamily property totaling 6,441 square feet of living space built in 1923 in Central Long Beach’s Cambodia… Read More Town neighborhood. The property has a unit mix of eight studios, five one-bedroom/one-bath units, and one two-bedroom/one-bath unit. All units are separately metered for gas and electricity (buyer to verify). Priced attractively at $1,900,000, which works out to $135,714 per unit and $294 per square foot, yielding a 7.08% current cap rate and an 8.27 GRM- this is one of the lowest price per unit and highest cap rate deals to come for sale in Long Beach this year.
In-place rents are about 12% below current market levels. Long Beach has no municipal rent control ordinance- the property falls under AB 1482 which allows for an 8.7% rent increase currently.
The property boasts a 91 walk score and is within a five minute walk of Aldi's, Smart and Final, and Lincoln Elementary/Pre-School. The location is dense and renter-driven, with easy access to Downtown Long Beach, the Port, and the 710 and 405 freeways Read Less
Listing Snapshot
Days Online
1
Last Updated
Property Type
Apartment
Lot Size
0.16 Acres
Year Built
1923
MLS Number
PW26227999
Additional Details
Building
Built in 1923, 1 building, 2 stories, Entry level: 1, Entry location: Front
Community
Urban
Expenses
Operating: $88,475
Income
Gross Income: $229,800, Gross ScheduledIncome: $229,800, Net Operating Income: $134,430
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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