329 W 14th St, Long Beach, CA 90813

Property Description

Back on the market! Seller motivated and ready for your offer! Fully leased 10 unit apartment complex, all 2 bed 1 bath units! Apartment building is currently undergoing extensive California SB-721 compliance renovations to elevated walkways and balconies. All buildings starting in 2025 in California will have their balconies and elevated walkways inspected. Many will require extensive rebuilds. Avoid the headache by buying an apartment complex that is having it all done pre-emptively and professionally by a structural engineering firm and licensed decking company. Currently, the property generates a gross rent of $194,000 per year. However, there is considerable room for growth by adjusting rental rates to align with the current market value. Configuration may even present a condo conversion (buyer to verify), allowing the right investor to capitalize on the rising demand for affordable homeownership options in the area. Substantial capital improvements have been recently completed, including the current project. These enhancements include major plumbing overhauls, including the installation of a new sewer line. Additionally, a new fire alarm system, video surveillance system, and upgraded water heaters have been implemented, enhancing security, and overall resident comfort. Long Beach, a thriving multi-family submarket within the Los Angeles metro area, boasts an impressive vacancy rate of only 3.8% as of Q1 2023. Additional Advantages: A notable advantage of this property is its fully secured and gated 17-car parking garage—an exceptional feature that is rarely found in this locale. The information provided is based on estimates and should be independently verified. This property is being offered as part of a 1031 Exchange. Building is offered in AS IS condition. OM in Docs/Attachments