List Price: $3.55M

Listing Status: Active

Days on Market: 8

15 Bedrooms · 10 Bathrooms · 5,765 sq ft

Property Type: ResidentialIncome

Year Built: 1964

Lot Size: 5,433 sq ft

MLS Number: 26679201

About This Property

3rd Price Reduction! Once in a lifetime 100% Renovated 10-unit Master-leased opportunity and cash flowing at an impressive 6.5% Cap Rate from Day 1! The offering provides investors with a turnkey opportunity to purchase a premium asset where every single unit was vacated, completely renovated and leased at market rent. The building was entirely stripped to the studs and thoroughly renovated with permits featuring a new roof, electrical system, plumbing, HVAC, water heaters, and windows. Other upgrades include new cabinets, modern countertops, new flooring, recessed lighting, updated bathrooms with new vanities and sleek bathtubs, and stainless-steel appliances. The offering brings a diverse unit mix consisting of 5 (1bed/1bath) units and 5 (2bed/1bath) units including 3 brand-new ADUs. The property is separately metered for gas and electrical utilities and each unit has its own individual water heater to further reduce operating costs. Located in prime North Long Beach just minutes from the beach, offering investors the opportunity to acquire a low-maintenance asset in a coastal rental market without premium coastal pricing! Majority of the units are master-leased by a single organization providing guaranteed cash flow and minimal vacancies. (Similar to a hassle-free NNN deal with stable income and more limited landlord responsibilities with ease of management and rent collection).

Property Photos