1148 Stanley Avenue, Long Beach, CA 90804
List Price: $2.29M
Listing Status: Active
0Days on Market: 14
16 Bedrooms · 16 Bathrooms · 6,240 sq ft
Property Type: ResidentialIncome
Year Built: 1986
Lot Size: 6,627 sq ft
Garage Spaces: 12
MLS Number: 26825273
About This Property
PRICED TO SELL - 10X GRM AND 6.5% CAP AT MARKET RENTS for 1980's construction in Long Beach. Earn over a 8% Cash on Cash Return. 8 units in Long Beach subject to AB 1482 rent control - maximum annual increase of 5% + CPI (currently 8.0% total). Built in 1987 the property is professionally managed and well maintained. Building was recently painted as well. All units are 2 bed/2bath and have updated kitchens, baths and flooring. 12 onsite parking for 8 units as well as onsite laundry. This property is perfect for someone looking for a low management asset. It also has approx. 14% rental upside to a 10 GRM and 6.7% CAP at market rents. There is onsite laundry onsite. The electrical is Siemens - it's a 200 AMP main panel with 60 AMP subpanels (Buyer to verify). Plumbing is copper (Buyer to verify). Qualified Buyers can obtain a 5 year loan fixed at 5.05%, Interest Only. Anduril Industries, a cutting-edge defense technology company specializing in AI applications announced that it is commencing a $1 billion redevelopment of land adjacent to the LB Airport. The project is planned to be completed in mid-2027 and is expected to create 5,500 new direct jobs at the site plus thousands of indirect construction and supply-chain service jobs. And the city just approved a $38MM update of the Long Beach airport for the upcoming 2028 Olympics.
Listing provided by: Jonathan Swire DRE #01336277 424-230-3700 jon@jonswire.com, The Agency
Source: CRMLS, MLS #: