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1641 Locust Avenue

Long Beach, CA 90813

– beds
– baths
– sqft
7,405 sqft lot
1927 build
– on site

NEW PRICE! Excellent Assumable Financing Available! 3.63% Interest Rate - Fixed for 7.5 Years! We are pleased to exclusively offer for sale this 14 unit multi-family investment in the city of Long Beach. The subject property consists of 3 separate structures of which, all units are separately metered for electricity and gas. Additionally there is a RUBS system currently in place in which the tenants are charged back for all usage of water and trash. This leads to almost no utility cost for the investor. Tenants enjoy gated private entry as well as 5 enclosed garage spaces that are rented out for additional income. A majority of the electrical and plumbing has been updated within the past 7 years as tenants vacate and the units are rehabbed. The roof was replaced within the last 7 years as well. There are currently 3 vacancies that are rent ready and will be held vacant at COE for a new buyer to choose their own tenants and attain market rent immediately. This is a true value-add opportunity as there is approximately 35-40% upside in rental income. Utilizing the assumable financing that is in place, a new investor can look to enjoy a 6.7% CASH-ON-CASH return on Day 1 with the current rental rates that are in place, with an even more significant cash return available upon stabilizing the asset with market rental rates.

Listed By CRMLS_CA / KRISTOPHER GERMAN / RE/MAX 2000 REALTY / 909-645-0443

Last checked: Checking… • Last updated Dec 12, 2024 •

MLS# CV23068594 —

The Building

Year Built:

1927
Year Built Source:

Assessor
New Construction:

No
Building Area Total:

7020.00
Building Area Units:

Square Feet
Total Number Of Units:

14
# of Buildings:

3
Stories Total:

2
Entry Level:

1
Common Walls:

2+ Common Walls
# of Separate Gas Meters:

14
# of Separate Water Meters:

1
# of Separate Electric Meters:

14

Interior

Levels:

Two
Entry Location:

1
Laundry:

None

Location

Directions:

East of I-710, South of I-405; Near the Intersection of E Pacific Coast Hwy & Locust Ave
Latitude:

33.78797400
Longitude:

-118.19145200

The Property

Property Type:

Residential Income
Subtype:

Apartment
Zoning:

LBR4R
Lot Features:

11-15 Units/Acre, Lot 6500-9999
Lot Size Area:

7405.0000
Lot Size Acres:

0.1700
Lot Size SqFt:

7405.00
Lot Size Source:

Assessor
Property Attached:

1
Additional Parcels:

No
Land Lease:

No

Listing Agent

Contact info:

Taxes

Tax Block:

1
Tax Census Tract:

5754.02
Tax Tract:

020
Tax Lot:

8

The Listing

Special Listing Conditions:

Standard
Parcel Number:

7269011020

Utilities

Sewer:

Public Sewer
Water Source:

Public

The Community

Features:

Curbs, Gutters, Sidewalks
Pool:

None
Senior Community:

No
Private Pool:

No

Parking

Parking Spaces:

5.00
Garage Spaces:

5.00

Explore the Area

My Commute

From

Walk Score®

Provided by WalkScore® Inc.

Soundscore™

Provided by HowLoud

Sale history

Date	Event	Source	Price
8/25/23 Aug 25, 2023	Pending	CRMLS_CA	$2,450,000
7/17/23 Jul 17, 2023	Relisted	CRMLS_CA	$2,450,000
6/28/23 Jun 28, 2023	Pending	CRMLS_CA	$2,450,000

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This multifamily located in Washington School, Long Beach, CA 90813 is currently pending sale for $2,450,000. 1641 Locust Avenue is a – square foot multifamily with – beds and – baths that has been on Estately for 604 days. 1641 Locust Avenue is in the Washington School neighborhood of Long Beach and has a WalkScore® of 85, making it very walkable. This multifamily is in the attendance area of Washington Middle School, Roosevelt Elementary School, and Polytechnic High School.

Listing Courtesy of: CRMLS_CA and RE/MAX 2000 REALTY. Based on information from California Regional Multiple Listing Service, Inc. as of 23:57 on Dec 17.

This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.