$3,375,000
$3,395,000
0.6%For more information regarding the value of a property, please contact us for a free consultation.
939 Pacific AVE #4 Long Beach, CA 90813
7,405 Sqft Lot
Key Details
Sold Price $3,375,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Subdivision Downtown (Dt)
MLS Listing ID RS19125039
Sold Date 10/21/19
HOA Y/N No
Year Built 1959
Lot Size 7,405 Sqft
Acres 0.17
Property Description
Turnkey non-rent controlled apartment complex comprised of 13 spacious (1 Bed + 1 Bath) units averaging 600 SF each located in vibrant Downtown Long Beach. Current ownership has remodeled 100% of the unit interiors with high end modern finishes and fixtures, all of which were permitted through the City of Long Beach. The majority of units are now leasing for $1595 enabling a Buyer to capture a 5.32% Cap Rate by leveling rents. The Downtown area has become one of the most soft after sub-markets in Greater Los Angeles for institutional capital due to its coastal location and business friendly climate, which has led to significant rent growth and high occupancy levels over the past few years. There are (6) on-site garages renting for $150/mth each, a common laundry facility and a beautifully landscaped courtyard including a permitted stainless steel BBQ for tenants to enjoy.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBCO
Rooms
Ensuite Laundry Common Area
Interior
Laundry Location Common Area
Fireplace No
Laundry Common Area
Exterior
Garage Assigned, Garage
Garage Spaces 6.0
Garage Description 6.0
Pool None
Community Features Curbs, Gutter(s), Street Lights, Sidewalks, Urban
Roof Type Composition
Parking Type Assigned, Garage
Total Parking Spaces 6
Private Pool No
Building
Lot Description Near Public Transit, Paved, Street Level
Story Two
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7272012009
Acceptable Financing Cash, Cash to New Loan, Conventional
Listing Terms Cash, Cash to New Loan, Conventional
Financing Cash to New Loan
Special Listing Condition Standard
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Bought with Cris Molles • The Realestate Group