561 E 64th, Long Beach, CA 90805
List Price: $2.83M
Listing Status: ActiveUnderContract
0Days on Market: 105
0 Bedrooms · 0 Bathrooms
Property Type: ResidentialIncome
Year Built: 1960
Lot Size: 14,545 sq ft
Private Pool: Yes
MLS Number: PW26036925
About This Property
We are pleased to present 561 E. 64th Street, a 1960-construction 16 unit multifamily property located in North Long Beach to market. The property sits on a large 14,552 square foot lot and consists of 16 one bed/one bath units. Operating at a 6.18% cap rate and a 9.19 GRM, in place income is strong. The offering is priced at an attractive low basis of $176,563 per unit and $283 per square foot, positioning the asset below replacement cost and comparable sales in the market. Sixteen covered parking spaces are on site. Current rents remain approximately 18% below market, allowing further upside for a new buyer. The property has recently been extensively replumbed with new pex and copper throughout. Favorable market financing is available, requiring under a $1,000,000 down payment with the ability to achieve over a 7% cash-on-cash return utilizing interest-only financing (buyer to verify). The property is ideally situated directly across the street from Jordan High School, within a well-established residential corridor of North Long Beach.
Listing provided by: Jackson Jorgensen DRE #02022727 562-318-0215 jack@younglewin.com, Younglewin Advisors, Inc.
Source: CRMLS, MLS #: PW26036925
Belmont Brokerage Inc. (DRE #02431308) is not the listing office for this property. We provide buyer representation and consultation. Any “Schedule a Tour” or “Contact” form on this page contacts a Belmont Brokerage agent — not the listing agent above.