See all 9 photos
9 photos
$1,650,000
Est. payment /mo
14 Beds
8 Baths
4,432 SqFt
UPDATED:
Key Details
Sold Price $1,650,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 4,432 sqft
Price per Sqft $372
MLS Listing ID 24468909
Bedrooms 14
Year Built 1963
Lot Size 6,146 Sqft
Property Description
Nestled in the heart of Long Beach, this eight-unit residential property at 1716 Locust Avenue presents an attractive investment prospect. Strategically positioned just south of PCH, with easy access to both Long Beach Blvd and Pacific Avenue, the property offers convenience and desirability to potential tenants. Built in 1963, the building spans 4,432 square feet on a generously sized 6,144 square foot lot. Comprising a mix of six 2-bedroom/1-bathroom units and two 1-bedroom/1-bathroom units, this property showcases a diverse range of living spaces to accommodate various tenant needs. With a solid rental history, the property consistently generates $14,823 per month and $177,876 annually in rental income. Listed for sale at $1,725,000, the property presents an attractive investment opportunity, boasting nearly a 7% cap rate and a 9.70 Gross Rent Multiplier (GRM). With its combination of location, rental income, and investment potential, this property stands as a promising opportunity for investors seeking to expand their real estate portfolio in Long Beach.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBPD29
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Exterior
Parking Features Driveway
Building
Story 2
New Construction No
Others
Special Listing Condition Standard
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Listed by John McCann • Lyon Stahl Investment Real Estate, Inc.
Bought with John Francis • GT Investments
Bought with John Francis • GT Investments