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1141 E 16th Street

Long Beach, CA 90813
  • $2,400,000
  • STATUS: Active
  • ON SITE: 25 Days
  • ID#: DW24022648
UPDATED: 25 min ago
$2,400,000
  • 0
    BEDS
  • 0.15
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1963
County:

School Ratings & Info

Listing Agent(s): Robert Castro of Southern Cal Realty (714-984-3426)


Description

Beautifully restored 9 unit building in the Poly High neighborhood of Long Beach- Central Long Beach. Pride of ownership property, same owner over 40 years. The property was just painted less than a year ago. Sandblasted, new stucco, paint, wood trim. Great mix of 17 bedrooms and 10 baths. The Landlord currently uses the front (one bedroom) unit as his office, where he spent approx $15,000 in capital expenditures- gutting the unit and placing new floors, cabinets, counters, bathroom fixtures, shower stall, plumbing. It will be available at close (or prior if needed) and can easily be rented for $1800-$2000. A few other units have had nice capital expenditures as well in last 24 months. You have a total of 6 newer garage doors, plus 6 parking spaces. Perfect for long term investor looking for a property that cashflows nicely. Current gross market rent is apprx. $220,800. Rent increases have been issued, and rent on March 15, 2024, increases by max 8.8% (California Rent Control), to $238,000, plus small laundry income. 7.8% Cap Rate based on PRESENT rent. Property sold AS-IS. Please send Proof of Down Payment, Letter of Interest (if applicable) from commercial bank, with offers.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-02-26T16:31:50.07. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Lori Thompson | Coldwell Banker Realty. Licensed in the State of California, USA.
www.housesforsalesocal.com/homes/147135138
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1141 E 16th Street Long Beach, CA 90813

  • Price: $2,400,000
  • Status: Active
  • On Site: 25 Days
  • Updated: 25 min ago
  • ID#: DW24022648
0
Beds
0
Baths
0
½ Baths
0.15
Acres
1963
Built
Neighborhood:
Poly High (Ph)
County:
Los Angeles
Area:
9 - Poly High
Property Description
Beautifully restored 9 unit building in the Poly High neighborhood of Long Beach- Central Long Beach. Pride of ownership property, same owner over 40 years. The property was just painted less than a year ago. Sandblasted, new stucco, paint, wood trim. Great mix of 17 bedrooms and 10 baths. The Landlord currently uses the front (one bedroom) unit as his office, where he spent approx $15,000 in capital expenditures- gutting the unit and placing new floors, cabinets, counters, bathroom fixtures, shower stall, plumbing. It will be available at close (or prior if needed) and can easily be rented for $1800-$2000. A few other units have had nice capital expenditures as well in last 24 months. You have a total of 6 newer garage doors, plus 6 parking spaces. Perfect for long term investor looking for a property that cashflows nicely. Current gross market rent is apprx. $220,800. Rent increases have been issued, and rent on March 15, 2024, increases by max 8.8% (California Rent Control), to $238,000, plus small laundry income. 7.8% Cap Rate based on PRESENT rent. Property sold AS-IS. Please send Proof of Down Payment, Letter of Interest (if applicable) from commercial bank, with offers.
Exterior Features

Architectural Style Traditional Carport Spaces 6 Carport YN Yes Construction Materials DrywallFramePlasterStucco Entry Level 1 Entry Location Front and Stairwell Exterior Features Rain Gutters Fencing Average ConditionChain LinkWoodWrought Iron Foundation Details Slab Lot Features Front YardGardenLandscapedRectangular Lot Number Of Separate Electric Meters 9 Parking Features AssignedConcreteDirect AccessDoor-SingleDrivewayGarage Faces FrontGaragePublicGarage Faces RearOne Space Parking Total 12 Pool Features None Pool Private YN No Property Attached YN Yes Spa Features None Spa YN No View None View YN No

Interior Features

Accessibility Features Safe Emergency Egress from HomeParking Appliances Electric RangeGas Range Common Walls 1 Common Wall Cooling None Cooling YN No Fireplace Features None Fireplace YN No Flooring LaminateTile Heating Forced Air Heating YN Yes Interior Features Ceiling Fan(s)Granite Counters

Property Features

Additional Parcels YN No Association Fee 0 Association YN No Common Interest Community Apartment Community Features BikingCurbsParkSidewalks Current Financing Other Disclosures Rent Control Electric Standard Electric Expense 1680 Garage YN Yes Gross Income 187711 Gross Scheduled Income 220800 Inclusions Laundry machines (and dryers) Currently LEASED. Insurance Expense 4800 Land Lease YN No Laundry Features Common Area Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashConventional1031 ExchangeFannie Mae Net Operating Income 187511 New Construction YN No Number Of Separate Gas Meters 9 Number Of Separate Water Meters 1 Number Of Units Leased 9 Operating Expense 34589 Possession Close Plus 3 Days Property Condition Updated/RemodeledTurnkey Property Sub Type Apartment Rent Control YN Yes Security Features Carbon Monoxide Detector(s)Smoke Detector(s)Security LightsWindow Bars Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays ElectricityParking FeeTelephone Trash Expense 540 Utilities Cable ConnectedElectricity ConnectedNatural Gas ConnectedSewer ConnectedWater Connected Water Sewer Expense 3972 Water Source Public Zoning LBR34



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-02-26T16:31:50.07. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Lori Thompson | Coldwell Banker Realty. Licensed in the State of California, USA.
 
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Lori Thompson | Coldwell Banker Realty
19440 Goldenwest Street
Huntington Beach CA, 92648
Listing Agent(s): Robert Castro of Southern Cal Realty (714-984-3426)