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Multi-Family 16 Unit Apartment Community - N Long Beach CA

$3,990,000

477 E South St, Long Beach, CA 90805

Active
Last Updated: 02/14/2025

9,840 sqft

Building Size

0.239 acres

Lot Area

Details:
Building Size:    9,840 sqft
Lot Area:    0.239 acres
Class:    B
Units:    16
Year Built:    1961
Floors:    2
Description:

Invest in Long Beach near Bixby Knolls and own this updated 16-unit apartment community. Composed of a desirable unit mix of all 2-bed, 1-bath units across two buildings with a courtyard in between, this property boasts a scheduled CAP rate of 5.58% at 100% occupancy. One unit is currently vacant. Fourteen of 15 existing leases are month-to-month. Five of the 16 units are newly renovated (2024) with updated plumbing, paint, flooring and kitchen finishes. Two of these five units also feature upgraded bathrooms and lighting throughout. More 2024 building updates include all new electrical panels, and new water lines to 8 of the 16 units. A community laundry room provides additional income. This apartment building is located near Atlantic Avenue restaurants and shops, the new KB Homes mixed-use development Rhythm (under construction), and easy access to the 91, 710 and 405 freeways.

For more information, please execute this NDA https://www.jotform.com/sign/243155061138046/invite/01jce5asjq6f0d8b9b98ab2244.

North Long Beach near Atlantic Avenue.

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