473 E 55th Street, Long Beach, CA 90805
- $2,925,000
List Agent Steven Bogoyevac () 562-257-1231 Steven M. Bogoyevac, Broker; CoList ()
- List Price
- $2,925,000
- Status
- ACTIVE
- MLS#
- PW26083293
- Year Built
- 1962
- Lot Size
- 6,963
- Lot Location
- Rectangular Lot
- Days on Market
- 98
- Property Type
- Multifamily
- Property Sub Type
- Mixed Use
- Neighborhood
- Poly High (Ph)
Property Description
10 Renovated Non-Rent Controlled units cash flowing at an amazing Current Cap Rate of 6% 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.
Additional Information
- Pool Description
- None
- Sewer
- Public Sewer
- Water
- Public
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Based on information from CRISNet MLS as of . 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. The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.