1133 Freeman Avenue
Long Beach, CA 90804
- – beds
- – baths
- – sqft
- 12,704 sqft lot
- 1971 build
- – on site
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6.18% CAP RATE! Newer 1971 build. This 16 unit Pride of Ownership asset is located in the highly coveted eastside of Long Beach. Property not only is being offered at an amazing 6.18% cap rate and a 10.5 GRM, but also comes with 9 Garages and 10 additional exterior parking spaces for a total of 19 parking. 1133 Freeman has a very desirable unit mx consisting of (6) 2Bed+1Bath, (8) 1Bed+1Bath and (2) Studio+1Bath units. An additional four 2 bedroom and 2 bathroom ADU's can be built in the garages for approximately $600K while still maintaining 16 exterior parking spaces on the site. The 4 additional ADU's will bring in $2600 a month each or $124,800 annually for a value of a 4.8 GRM or a 20% return annually. The tax accessor has allocated 81% of the assets value to the improvements giving a buyer a significant depreciation schedule (Most buildings are 50/50). This will be a further help for a buyer as they can currently collect 60% bonus depreciation and likely 100% retroactively if the current tax relief bill gets finalized on the senate floor. All units are separately metered for gas and electric and property is impeccably maintained. This property has the best current cap rate, price per foot, price per door GRM combo available on the market. With upside to over a 10.5% CAP rate this property truly is the best building you can buy right now and is perfect for any type of investor. CALL FOR OFFERS 8/14 5pm All offers will have a chance to tour the asset the week of August 5th.
Last checked:
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Last updated Dec 2, 2024
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MLS# SB24158172 —
The Building
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Year Built:1971
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Year Built Source:Assessor
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New Construction:No
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Building Area Total:10746.00
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Building Area Units:Square Feet
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Total Number Of Units:16
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# of Buildings:1
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Stories Total:2
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Entry Level:1
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Common Walls:2+ Common Walls
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# of Separate Gas Meters:16
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# of Separate Water Meters:1
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# of Separate Electric Meters:16
Interior
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Entry Location:Front
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Laundry:Inside
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Laundry:1
Location
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Directions:Off Obispo Ave and Anaheim St
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Latitude:33.78141100
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Longitude:-118.15597100
The Property
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Property Type:Residential Income
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Subtype:Apartment
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Zoning:LBR2N
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Lot Features:0-1 Unit/Acre
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Lot Size Area:12704.0000
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Lot Size Acres:0.2916
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Lot Size SqFt:12704.00
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Lot Size Source:Assessor
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Property Attached:1
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Additional Parcels:No
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Land Lease:No
Listing Agent
- Contact info:
- No listing contact info available
Taxes
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Tax Block:B
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Tax Census Tract:5769.03
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Tax Tract:1234
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Tax Lot:40
The Listing
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Special Listing Conditions:Standard
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Parcel Number:7259018026
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Showings Begin:2024-08-05
Utilities
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Sewer:Public Sewer
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Water Source:Public
The Community
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Features:Urban
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Pool:None
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Senior Community:No
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Private Pool:No
Parking
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Parking Spaces:9.00
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Garage Spaces:9.00
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Transit Score®
Provided by WalkScore® Inc.
Transit Score measures a location's access to public transit. It is based on nearby transit routes frequency, type of route (bus, rail, etc.), and distance to the nearest stop on the route. Transit Scores range from 0 (Minimal Transit) to 100 (Rider’s Paradise).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Max Internet Speed
Provided by BroadbandNow®
This is the maximum advertised internet speed available for this home. Under 10 Mbps is in the slower range, and anything above 30 Mbps is considered fast. For heavier internet users, some plans allow for more than 100 Mbps.
Sale history
| Date | Event | Source | Price | % Change |
|---|---|---|---|---|
|
12/2/24
Dec 2, 2024
|
Sold | CRMLS_CA | $3,500,000 | 6.1% |
|
8/21/24
Aug 21, 2024
|
Sold Subject To Contingencies | CRMLS_CA | $3,300,000 | |
|
8/5/24
Aug 5, 2024
|
Listed / Active | CRMLS_CA | $3,300,000 |
