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$ 4,995,000
Est. payment | /mo
0.28 Acres Lot
$ 4,995,000
Est. payment | /mo
0.28 Acres Lot
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Historic Rose Park
MLS Listing ID OC25101601
HOA Y/N No
Year Built 1959
Lot Size 0.280 Acres
Property Sub-Type Apartment
Property Description
This is a 26-unit value-add mixed-use offering in Long Beach. The two-building property, which totals approximately 17,730 square feet, is in the Historic Rose Park District on the northeast corner of 7th Street and Cherry Avenue. It comprises 8 retail spaces, one studio, 12 one-bedroom apartments, and 5 two-bedroom apartments.
With approximately 20% rental upside to capture, with some renovations and operational improvements, the asking price of $4,995,000 presents an attractive stabilized capitalization rate exceeding 6% on a prime corner location.
With approximately 20% rental upside to capture, with some renovations and operational improvements, the asking price of $4,995,000 presents an attractive stabilized capitalization rate exceeding 6% on a prime corner location.
Location
State CA
County Los Angeles
Area 3 - Eastside, Circle Area
Zoning LBCCA
Interior
Fireplace No
Laundry None
Exterior
Parking Features None
Pool None
Community Features Urban
Total Parking Spaces 8
Private Pool No
Building
Lot Description 36-40 Units/Acre
Story 2
Sewer Public Sewer, Sewer Tap Paid
Water Public
New Construction No
Others
Senior Community No
Tax ID 7262024021
Energy Description 2500.0
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
Listed by Mike Marcu • Mike Marcu, Broker • 949 688 1224