473 E 55th Street, Long Beach, CA 90805
List Price: $2.92M
Listing Status: Active
0Days on Market: 0
0 Bedrooms · 0 Bathrooms
Property Type: ResidentialIncome
Year Built: 1962
Lot Size: 6,963 sq ft
Private Pool: Yes
MLS Number: PW26083293
About This Property
10 Renovated Non-Rent Controlled units cash flowing at an amazing Current Cap Rate of 6% from day 1! Large unit mix of 9 (2bed/1bath) units and 1 (1bed/1bath) unit including 2 brand-new attached ADUs. Most units boast updated cabinets, flooring, kitchen, bathrooms, exterior improvements, and more. Individually metered for gas, electricity, and tenants pay their own trash further minimizing the operating expenses. Non-LA-City rent controlled asset allowing significant 8% annual rent increases (5%+CPI) for future upside. The property also offers on-site laundry and parking that generates additional income. Prime North Long Beach location minutes from the beach and central to the 405, 710 and 605 Freeways, offering tenants easy access to attractions and employers across the region. Long Beach is a popular rental market and population and employment hub with easy access to the beach, colleges (such as Cal State Long Beach), and major attractions including the Queen Mary, Aquarium of the Pacific, and more. Long Beach offers investors the opportunity to acquire assets in a coastal rental market with low vacancy rates without premium coastal pricing.
Location
473 E 55th Street, Long Beach, CA 90805Coordinates: 33.856228°N, -118.186832°W
Listing Agent
Agent: Steven Bogoyevac
Brokerage: Steven M. Bogoyevac, Broker
License: 01332755
Presented by Belmont Brokerage Inc.
California Real Estate Brokerage — DRE #02431308
Phone: (818) 967-6311
Website: bbandm.com
View full listing: bbandm.com/property/CA/Long-Beach/473-E-55th-Street/1157800633