Property Details
About this Property
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 stabilizi
MLS Listing Information
MLS #
CRCV23068594
MLS Source
California Regional MLS
Interior Features
Laundry
None
Parking, School, and Other Information
Garage/Parking
Garage: 5 Car(s)
Unit Information
| # Buildings | # Leased Units | # Total Units |
|---|---|---|
| 3 | – | – |
Neighborhood: Around This Home
Neighborhood: Local Demographics
1641 Locust Ave is a Residential Income in Long Beach, CA 90813. This – square foot property sits on a 7,405 Sq Ft Lot and features – bedrooms & – full bathrooms. It is currently priced at $2,245,000 and was built in 1927. This address can also be written as 1641 Locust Ave, Long Beach, CA 90813.
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This listing information is up-to-date as of June 06, 2025. For the most current information, please contact KRISTOPHER GERMAN, (626) 427-0786
