1641 Locust Avenue, Long Beach, CA 90813 - Berkshire Hathaway HomeServices California Properties

1641 Locust Avenue, Long Beach, CA 90813

$2,450,000 Approx. USD 0 beds, 0 baths

Listing Agent


KRISTOPHER GERMAN | kris@theapartmentdealer.com
Lic#: 01800021
Broker: Courtesy of RE/MAX 2000 REALTY

Agent Remarks

NEW PRICE! Excellent Assumable Financing Available! 3.63% Interest Rate - Fixed for 7.5 Years! We are pleased to exclusively offer for sale this 14 unit multi-family investment in the city of Long Beach. The subject property consists of 3 separate structures of which, all units are separately metered for electricity and gas. Additionally there is a RUBS system currently in place in which the tenants are charged back for all usage of water and trash. This leads to almost no utility cost for the investor. Tenants enjoy gated private entry as well as 5 enclosed garage spaces that are rented out for additional income. A majority of the electrical and plumbing has been updated within the past 7 years as tenants vacate and the units are rehabbed. The roof was replaced within the last 7 years as well. There are currently 3 vacancies that are rent ready and will be held vacant at COE for a new buyer to choose their own tenants and attain market rent immediately. This is a true value-add opportunity as there is approximately 35-40% upside in rental income. Utilizing the assumable financing that is in place, a new investor can look to enjoy a 6.7% CASH-ON-CASH return on Day 1 with the current rental rates that are in place, with an even more significant cash return available upon stabilizing the asset with market rental rates.

Listing Details

Property type: Apartment (Multi-Family)
Status: Pending
MLS# CV23068594
List price is $2,450,000 Reduced by $150,000 on 5/30/2023
Price: $2,450,000
Beds: 0
Baths: 0
Built in 1927
2 stories
0.17 acres
Lot size: 0.1700
County: Los Angeles
Zoning: LBR4R
Lot description: ElevenToFifteenUnitsAcre
MLS area: 4 - Downtown Area, Alamitos Beach

Last Updated: 4/14/2025

 Days On Market (DOM): 89

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This listing belongs to the 4 - Downtown Area, Alamitos Beach MLS area

Lat/Long: 33.787974, -118.191452.
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DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or its applicability to your financial situation. Please consult your financial and/or tax advisor. GET PRE-APPROVED The loan's interest rate will depend upon the specific characteristics of the loan transaction and credit profile up to the time of closing.

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