16 units located in South Long Beach NOT subject to rent control. The property features all copper plumbing (Buyer to verify) and an excellent unit mix for the location of all 2 bedroom/1 bath units. An astute investor could reposition the units and increase annual income by 12% or more. Additionally, there are 12 surface parking spaces onsite that could rent for as much as $100/month each as parking is at a premium in the Long Beach market. The property is two sister buildings with two separate APN's.Long Beach is rapidly gentrifying and rents are growing quickly, up over 13% in the past year. Tenants are willing to pay for remodeled product allowing an investor to take advantage of this strong rental market. Once all units are at market the new owner can achieve a projected 5.4% CAP.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
