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$ 2,289,000
Est. payment | /mo
7,128 SqFt
$ 2,289,000
Est. payment | /mo
7,128 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 7,128 sqft
Price per Sqft $321
MLS Listing ID CL26826345
HOA Y/N No
Year Built 1987
Lot Size 6,495 Sqft
Acres 0.1491
Property Sub-Type Other
Property Description
HIGHLY COVETED 1980'S CONSTRUCTION - PRICED AT 10.3 GRM AND 6.6% CAP ON MARKET RENTS. 9 units in Long Beach built in 1987, NOT subject to rent control, only subject to AB 1482 rent control - maximum annual increase of 5% + CPI (currently 8.7% total). Located in a great location on the East side. Long Beach has undergone major redevelopment with over $8BB of new projects in the past few years. The property is professionally managed and well maintained with onsite laundry. It also features onsite parking for every unit - a rarity in parking impacted Long Beach. The property features an excellent unit mix of 1 and 2 bed units with rents approximately 10% below market. Built in 1987 this property features copper plumbing and modern electrical. Qualified Buyers can obtain a new loan fixed at 5.40% for 5 years, Interest Only. Anduril Industries, a cutting-edge defense technology company specializing in AI applications announced that it is commencing a $1 billion redevelopment of land adjacent to the LB Airport. The project is planned to be completed in mid-2027 and is expected to create 5,500 new direct jobs at the site plus thousands of indirect construction and supply-chain service jobs. The City also approved a $38MM revamp of Long Beach Airport in preperation for the 2028 Olympic games.
Location
State CA
County Los Angeles
Zoning LBR2N
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Building
New Construction No
Others
Tax ID 7260032018
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Listed by Jonathan Swire • The Agency
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