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$2,825,000
Est. payment /mo
1 Bed
1 Bath
0.33 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active Under Contract
Purchase Type For Sale
Subdivision North Long Beach (Nlb)
MLS Listing ID PW26036925
Bedrooms 1
Lot Size 0.334 Acres
Property Sub-Type Res Income 2-4 Units
Property Description
We are pleased to present 561 E. 64th Street, a 1960-construction 16 unit multifamily property located in North Long Beach to market. The property sits on a large 14,552 square foot lot and consists of 16 one bed/one bath units. Operating at a 6.18% cap rate and a 9.19 GRM, in place income is strong. The offering is priced at an attractive low basis of $176,563 per unit and $283 per square foot, positioning the asset below replacement cost and comparable sales in the market. Sixteen covered parking spaces are on site. Current rents remain approximately 18% below market, allowing further upside for a new buyer. The property has recently been extensively replumbed with new pex and copper throughout. Favorable market financing is available, requiring under a $1,000,000 down payment with the ability to achieve over a 7% cash-on-cash return utilizing interest-only financing (buyer to verify). The property is ideally situated directly across the street from Jordan High School, within a well-established residential corridor of North Long Beach.
Location
State CA
County Los Angeles
Zoning Assessor
Direction Off of Atlantic and 64th
Interior
Fireplace No
Exterior
Pool Private
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 7115028006
Acceptable Financing Conventional
Listing Terms Conventional
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Listed by Jackson Jorgensen, DRE#02022727 Younglewin Advisors, Inc.
Nearby Locations
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