473 E 55th ST Active Save Request In-Person Tour Request Virtual Tour
Long Beach,CA 90805
Key Details
Property Type Commercial
Sub Type Commercial/Residential
Listing Status Active
Purchase Type For Sale
Square Footage 7,592 sqft
Price per Sqft $375
Subdivision Poly High (Ph)
MLS Listing ID PW25148000
HOA Y/N No
Year Built 1962
Lot Size 6,960 Sqft
Acres 0.1598
Property Sub-Type Commercial/Residential
Property Description
10 Renovated Non-Rent Controlled units cash flowing at an amazing Current Cap Rate of 6.25% from day 1! Large unit mix of 9 (2bed/1bath) units and 1 (1bed/1bath) unit including 2 brand-new attached ADUs. Most units boast updated cabinets, flooring, kitchen, bathrooms, exterior improvements, and more. Individually metered for gas, electricity, and tenants pay their own trash further minimizing the operating expenses. Non-LA-City rent controlled asset allowing significant 8% annual rent increases (5%+CPI) for future upside. The property also offers on-site laundry and parking that generates additional income. Prime North Long Beach location minutes from the beach and central to the 405, 710 and 605 Freeways, offering tenants easy access to attractions and employers across the region. Long Beach is a popular rental market and population and employment hub with easy access to the beach, colleges (such as Cal State Long Beach), and major attractions including the Queen Mary, Aquarium of the Pacific, and more. Long Beach offers investors the opportunity to acquire assets in a coastal rental market with low vacancy rates without premium coastal pricing.
Location
State CA
County Los Angeles
Area 9 - Poly High
Zoning LBR1N
Interior
Laundry Community
Exterior
Pool None
Community Features Suburban
Private Pool No
Building
Lot Description Rectangular Lot
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Special Listing Condition Standard
Lease Land No
Confidential INFO
TERMS Cash,Cash To New Loan
LIST AGRMT Exclusive Right To Sell
LIST SERVICE Full Service
SHOW CONTACT TYPE Agent
SHOW INSTRUCTIONS Contact listing agent