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.
Property Details
Price:
$1,725,000
MLS #:
24468909
Status:
Active
Baths:
0
Address:
1716 Locust Avenue
Type:
Residential Income
Neighborhood:
4downtownareaalamitosbeach
City:
Long Beach
Listed Date:
Feb 10, 2025
State:
CA
ZIP:
90813
Lot Size:
6,146 sqft / 0.14 acres (approx)
Year Built:
1963
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Schools
Interior
Cooling
Wall/ Window Unit(s)
Heating
Wall Furnace
Exterior
Parking Features
Driveway
Parking Spots
4.00
Stories Total
2
Financial
Map
Community
- Address1716 Locust Avenue Long Beach CA
- Area4 – Downtown Area, Alamitos Beach
- CityLong Beach
- CountyLos Angeles
- Zip Code90813
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1716 Locust Avenue
Long Beach, CA
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