We are pleased to present the sale of 529 W 10th St. in the Willmore neighborhood of Long Beach just minutes from Downtown. The property has undergone significant renovation with four of the units receiving full interior renovation including new flooring, kitchens, bathrooms, and fixtures. The property has also had the majority of major systems replaced – new electrical panels and wiring, and new PEX plumbing throughout. 10th St. Consists of a large detached 1,336 square foot 3 bed/2 bath front house that includes a private gated space for multiple cars. The front house used to be two units at one point , and the possibility exists to split in back to it’s original configuration as a duplex- one 2 bed/1 bath and one 1 bed/1 bath unit, which would result in about a 25% increase in rental income. Two detached duplex’s are behind the front house that consist of one bedroom units (two of the units have been converted from studios into one bedroom units). A detached double car garage is at the rear of the property, which could be converted into a detached ADU as well.
529 W 10th St. presents a great opportunity to purchase a high cashflowing asset at a 11.57 GRM and 5.44% cap rate where the current owner has done the majority of the heavy lifting with additional upside.