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2065 Locust AVE Long Beach, CA 90806
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Key Details
Sold Price $1,212,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Subdivision Wrigley Area (Wr)
MLS Listing ID SB20144327
Year Built 1940
Lot Size 7,479 Sqft
Property Description
All Tenants are currently paying!
Perfect Owner Occupied opportunity! Renovated, Major Cash Cow 4-plex at 2065 Locust Ave., Long Beach. One of the highest available Cap Rates on the market, this South Wrigley asset is perfect for anyone looking for immediate cash flow and low maintenance.
On current rental income, the property operates at an incredible 5.39% Cap and 13.04 GRM. Locust Ave. has an incredibly strong unit mix, being comprised of (3) 2-bedroom/1-bath & (1) 5-bedroom/2-bath units. One 2 bedroom/1 bath unit can be delivered vacant at close of escrow. A very rare commodity in Long Beach, the property has (5) garages on site conveniently located for all tenants, as well as an opportunity for extra income for owners. Renovations to the property include granite counter tops, stainless steel appliances, new bathrooms/floors, and a full copper re-pipe. Locust was also re-stuccoed and has new interior/exterior paint. The property is also separately metered for gas and electric.
With $6B in development flowing into the city, Long Beach has continued to rise as a top beach community. This is a perfect opportunity for any buyer to own a cash flowing asset in one of Southern California?s last affordable beach communities.
Location
State CA
County Los Angeles
Area 5 - Wrigley Area
Zoning LBR3T
Interior
Heating Floor Furnace
Laundry None
Exterior
Garage Spaces 5.0
Garage Description 5.0
Pool None
Community Features Urban
Building
Lot Description 0-1 Unit/Acre
Story 1
Sewer Public Sewer
Water Public
New Construction No
Others
Acceptable Financing Conventional
Listing Terms Conventional
Special Listing Condition Standard
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Bought with Cody Charnell • Buckingham Investments