Invest in Long Beach near Bixby Knolls and own this updated 16-unit apartment community. Composed of a desirable unit mix of all 2-bed, 1-bath units across two buildings with a courtyard in between, this property boasts a scheduled CAP rate of 5.58% at 100% occupancy. One unit is currently vacant. Fourteen of 15 existing leases are month-to-month. Five of the 16 units are newly renovated (2024) with updated plumbing, paint, flooring and kitchen finishes. Two of these five units also feature upgraded bathrooms and lighting throughout. More 2024 building updates include all new electrical panels, and new water lines to 8 of the 16 units. A community laundry room provides additional income. This apartment building is located near Atlantic Avenue restaurants and shops, the new KB Homes mixed-use development Rhythm (under construction), and easy access to the 91, 710 and 405 freeways.
Property Details
Price:
$3,990,000
MLS #:
PTP2407021
Status:
Active
Baths:
0
Address:
477 E South Street
Type:
Residential Income
Neighborhood:
7northlongbeach
City:
Long Beach
Listed Date:
Nov 6, 2024
State:
CA
ZIP:
90805
Lot Size:
10,429 sqft / 0.24 acres (approx)
Year Built:
1961
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Schools
Interior
Exterior
Community Features
Curbs, Sidewalks, Urban
Garage Spaces
0.00
Lot Features
Level
Parking Spots
12.00
Pool Features
None
Stories Total
2
Financial
Association Fee
0.00
Map
Community
- Address477 E South Street Long Beach CA
- Area7 – North Long Beach
- CityLong Beach
- CountyLos Angeles
- Zip Code90805
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477 E South Street
Long Beach, CA
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