473 E 55th StreetLong Beach, CA 90805

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 8.7% 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.

Property Information

Property type

Residential Income

Sub-type

Mixed Use

Year built

1962

Stories

2

Building area

7,592 Sq Ft

Lot size

0.16 acres

Parking spaces

6

Zoning

LBR1N

Days on market

8

MLS^® Listing#

PW26208736

Property Features

Pool

None

Laundry

Common Area

Lot features

Rectangular Lot

Community

Suburban

Sewer

Public Sewer

Water source

Public

Parcel number

7127024033

Directions

West of Atlantic East of Elm