1719 E Florida St, Long Beach, CA 90802

Property Description

Prime Alamitos Beach Fourplex! 1719 E Florida St consists of a front SFR (built 1920) and a 3-unit building (built 1982) located in the back. The property is composed of (1) 3 bed + 2 bath, (1) 2 bed + 1.5 bath, (1) 2 bed + 1 bath, and (1) studio unit. Three of the four units are currently occupied, with one 2 bed / 1 bath unit currently vacant and projected to achieve approximately $2,500 per month in rent. The average in-place rent for the occupied units is $2,556, with approximately 7% rental upside across the property. The owner has made many substantial capital improvements including newly installed solar panels (51 total panels 365 total watt) and a replaced main electrical panel. The owner pays for water and sewer, while tenants pay for gas, trash, and electricity for three of the four units. Utilities for the studio unit are paid for by the seller. The property includes in-unit laundry in the SFR front unit and Unit A, along with shared laundry in the garage for Unit B and Unit C. There are a total of 7 parking spaces, including 2 garages. This is an excellent opportunity for an investor to acquire a well-located asset with major capital improvements already completed and immediate upside through leasing the vacant unit. The property is located in Alamitos Beach, just minutes from numerous restaurants, shops, and amenities along Retro Row.