404 E FreelandLong Beach, CA 90807

Description

Fully leased Bixby Knolls fourplex with approximately 16% rental upside and potential to add up to four detached ADUs—a path to doubling the unit count. Situated on an approximately 9,498 SF lot, the property features four 2-bedroom, 1-bath units totaling approximately 3,256 SF, four detached garages, and seven surface parking spaces. All units were renovated in 2019 with mini-split heating and cooling and upgraded appliances. Current rents average approximately $2,457 per unit, with projected rents of $2,850 following light interior updates on turnover. Annual scheduled income totals approximately $127,718, including ancillary income, with projected income of $151,370 through rent growth and full garage and parking rentals. This supports a projected 7.27% cap rate at the $1,450,000 asking price, excluding any future ADU income. The rear garage footprint offers potential for up to four detached ADUs while retaining surface parking, subject to buyer verification and City approval. Separately metered gas and electricity, on-site laundry, and proximity to Atlantic Avenue dining, shopping, and the 405/710 freeways round out the offering.

Property Information

Property type

Residential Income

Sub-type

Quadruplex

Year built

1945

Stories

2

Building area

3,256 Sq Ft

Lot size

0.22 acres

Garage spaces

4

Parking spaces

11

Days on market

7

MLS^® Listing#

RS26207276

Property Features

Heating

Wall Furnace

Fireplace

None

Pool

None

Parking

Assigned · Driveway · Garage · On Site · Paved

Laundry

Common Area

Lot features

Front Yard · Landscaped · Near Public Transit

Roof

Shingle

Community

Curbs · Street Lights · Sidewalks

Utilities

Electricity Connected · Natural Gas Connected · Sewer Connected · Water Connected

Sewer

Public Sewer

Water source

Public

Financial Details

HOA

None

Parcel number

7134017007

Directions

East San Antonio & Elm