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Key Details
Sold Price $2,440,000
Property Type Multi-Family
Sub Type Mixed Use
Listing Status Sold
Purchase Type For Sale
Subdivision Eastside (Es)
MLS Listing ID SB22237755
Sold Date 01/20/23
HOA Y/N No
Year Built 1929
Lot Size 6,403 Sqft
Property Description
Beautiful, huge Spanish style 6 unit property only steps from Belmont Heights! Extensively renovated property including water free turf landscaping, all new electrical mains and subpanels, new wiring and plumbing in front building, and new exterior paint. 4 enormous two bedroom, one bathroom units in front of over 1000 square feet each with open concept living rooms, dining areas, large kitchens, dishwashers, in unit laundry, and plenty of storage. Attractive central courtyard for shared outdoor space. 2 one bedroom, one bathroom units above 5 garages and laundry room at the rear of the property. Interior renovations for 2 bed units include refinished original hardwood floors, vinyl flooring in kitchens, new cabinets, countertops, stainless steel appliances, new dual vanities in restrooms, floor tile, tub surrounds, and lighting. Very well priced on actual income at an in-place cap rate of 4.2% and 14.9X GRM. Spanish style retro character throughout the property with domed high ceilings, curved archways, original built-ins in rear units, and exterior detail. Potential to convert garages into two ADUs for additional income and value (buyer to verify). Incredible Belmont Heights adjacent location only a few blocks to second street, the Colorado Lagoon, and Rec Park. Long Beach Green belt access from directly in front of the property for an easy bike to the beach, restaurants, and bars. Conveniently located next to Wilson High School, Jefferson Middle School, and Cal State Long Beach.
Location
State CA
County Los Angeles
Area 3 - Eastside, Circle Area
Zoning LBR3S
Interior
Fireplace No
Laundry Common Area, Washer Hookup, Electric Dryer Hookup, Gas Dryer Hookup, Stacked
Exterior
Garage Door-Single, Garage
Garage Spaces 5.0
Garage Description 5.0
Pool None
Community Features Urban
Total Parking Spaces 5
Private Pool No
Building
Lot Description 6-10 Units/Acre
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7254022028
Energy Description 416.0
Acceptable Financing Cash, Cash to New Loan, Conventional, Submit
Listing Terms Cash, Cash to New Loan, Conventional, Submit
Financing Cash
Special Listing Condition Standard
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Bought with Richard Caley • Coastal Equities, California Real Estate Brokers