500 E 51st St - Apartments FOR SALE


Long Beach, CA 90805- Bixby Knolls
$3,885,000 USD
562-665-2066
500 E 51st St, Long Beach, CA for Sale
$3,885,000 USD
Apartments - FOR SALE
1/31
null | 3.77% Cap Rate

500 E 51st St
Long Beach, CA 90805
Bixby Knolls


HIGHLIGHTS

  • Rental, parking, and RUBS upside for income
  • Desirable Long Beach Market
  • Many recent capital expenses by current owner

OVERVIEW

Located in the heart of Long Beach, 15 unit apartment building majority 2 bedrooms (10) and five 1 bedrooms. This building offers a prime investment opportunity with upside in rents. With a diverse pool of tenant base looking for affordable housing there's sure to be a stream of renters. There is also opportunity for additional income with garage spaces as well as potential RUBS income, one side of the building is master metered. Recent cap ex includes a new roof over the 500 side of the property and roof update to the 520 side. All new paint over the entire building. Hand Railings were reinforced on the second floor, walkways were also updated and re done. New flooring in the laundry rooms, a new 100 gallon water heater on the 500 side. And 90% of the units have vinyl plank, all recently installed. With all the work being done recently there is still opportunity for an investor to increase rent and add additional income.

FOR SALE DETAILS

PRICE

$3,885,000 USD

PRICE/SF

$343 USD /SF

# OF UNITS

15

PRICE/UNIT

$259,000

CAP RATE

3.77%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1963

PARKING SPACES

11

LAND DETAILS

LAND ACRES

0.32 AC

LAND SF

13,939 SF

ZONING

LBR4R

APN/PARCEL ID

7130-016-030,7130-016-031

ASK ABOUT THIS PROPERTY

Daniel TalamentesVPMI, INC.More Info
562-665-2066

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Daniel TalamentesVPMI, INC.More Info
562-665-2066

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.