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$ 2,825,000
Est. payment | /mo
0.33 Acres Lot
$ 2,825,000
Est. payment | /mo
0.33 Acres Lot
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active Under Contract
Purchase Type For Sale
Subdivision North Long Beach (Nlb)
MLS Listing ID PW26036925
HOA Y/N No
Year Built 1960
Lot Size 0.334 Acres
Property Sub-Type Apartment
Property Description
We are pleased to present 561 E. 64th Street, a 1960-construction 16 unit multifamily property located in North Long Beach to market. The property sits on a large 14,552 square foot lot and consists of 16 one bed/one bath units. Operating at a 6.18% cap rate and a 9.19 GRM, in place income is strong. The offering is priced at an attractive low basis of $176,563 per unit and $283 per square foot, positioning the asset below replacement cost and comparable sales in the market. Sixteen covered parking spaces are on site. Current rents remain approximately 18% below market, allowing further upside for a new buyer.
The property has recently been extensively replumbed with new pex and copper throughout.
Favorable market financing is available, requiring under a $1,000,000 down payment with the ability to achieve over a 7% cash-on-cash return utilizing interest-only financing (buyer to verify). The property is ideally situated directly across the street from Jordan High School, within a well-established residential corridor of North Long Beach.
The property has recently been extensively replumbed with new pex and copper throughout.
Favorable market financing is available, requiring under a $1,000,000 down payment with the ability to achieve over a 7% cash-on-cash return utilizing interest-only financing (buyer to verify). The property is ideally situated directly across the street from Jordan High School, within a well-established residential corridor of North Long Beach.
Location
State CA
County Los Angeles
Area 7 - North Long Beach
Interior
Fireplace No
Laundry Common Area
Exterior
Pool Private
Community Features Urban
Private Pool Yes
Building
Lot Description Cul-De-Sac
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 7115028006
Acceptable Financing Conventional
Listing Terms Conventional
Special Listing Condition Standard
Listed by Jackson Jorgensen Younglewin Advisors, Inc. jack@younglewin.com, DRE #02022727
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