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Listed by Perry Karn • Southland Property Group
$ 1,150,000
Est. payment /mo
Price Dropped by $5K
1921 East Washington Street Long Beach, CA 90805
3,184 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Active
Purchase Type For Sale
Square Footage 3,184 sqft
Price per Sqft $361
Subdivision North Long Beach
MLS Listing ID PW-25003991
Year Built 1949
Lot Size 5,600 Sqft
Property Sub-Type Quadruplex
Source California Regional Multiple Listing Service (CRMLS)
Property Description
** MAJOR PRICE REDUCTION**
Perfect for investors with a current cap rate of 6.74% and GRM of 13.37 and a market cap rate of 8.43% and GRM of 10.90. Located on a quiet side street off one of the major thoroughfares in North Long Beach providing a great location and ease of commute for tenants.
The property is close to local bus stops, multiple parks, and shopping centers, as well as The Michelle Obama Library. The property sits within 2
miles of both the 91 and 710 freeways. The property is also only a short drive to both downtown Long Beach and the Beach. This fourplex consists
of a front building made up of three 1 Bed 1 Bath units each with a garage, and a rear building which is a detached 4 Bed 2 Bath house The rear
house sits at ~1728 sqft. While the front building units average ~485 sqft. The tenants pay their own utilities, keeping the utilities low. This
building is currently fully occupied and has had less than 3% vacancy over the last 3 years. Two of the units have been partially renovated during
the most recent tenant transitions. This property also has storage and laundry room opportunities for potential sellers to build out.
Price
$1,155,000
Price/Unit $288,750
Price/sqft $363
Current Cap Rate 6.74%
Market Cap Rate 8.43%
Current GRM 13.37
Market GRM 10.90
Perfect for investors with a current cap rate of 6.74% and GRM of 13.37 and a market cap rate of 8.43% and GRM of 10.90. Located on a quiet side street off one of the major thoroughfares in North Long Beach providing a great location and ease of commute for tenants.
The property is close to local bus stops, multiple parks, and shopping centers, as well as The Michelle Obama Library. The property sits within 2
miles of both the 91 and 710 freeways. The property is also only a short drive to both downtown Long Beach and the Beach. This fourplex consists
of a front building made up of three 1 Bed 1 Bath units each with a garage, and a rear building which is a detached 4 Bed 2 Bath house The rear
house sits at ~1728 sqft. While the front building units average ~485 sqft. The tenants pay their own utilities, keeping the utilities low. This
building is currently fully occupied and has had less than 3% vacancy over the last 3 years. Two of the units have been partially renovated during
the most recent tenant transitions. This property also has storage and laundry room opportunities for potential sellers to build out.
Price
$1,155,000
Price/Unit $288,750
Price/sqft $363
Current Cap Rate 6.74%
Market Cap Rate 8.43%
Current GRM 13.37
Market GRM 10.90
Location
State CA
County Los Angeles
Area 7 - North Long Beach
Zoning LBR2N
Interior
Laundry Community
Exterior
Garage Spaces 3.0
Pool None
Community Features Suburban, Urban
Building
Lot Description 0-1 Unit/Acre
Sewer Public Sewer
