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Listed by Anthony P. Walker • Buckingham Investments, Inc
$ 1,550,000
Est. payment /mo
Active
1030 Myrtle Avenue Long Beach, CA 90813
3,040 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Active
Purchase Type For Sale
Square Footage 3,040 sqft
Price per Sqft $509
MLS Listing ID SB-25042498
Style Modern
Year Built 2005
Lot Size 6,535 Sqft
Property Sub-Type Quadruplex
Property Description
2005 construction and just outside of downtown Long Beach, this quadruplex has three large 3 bedroom 1 bathroom apartments, and one 1 bedroom 1 bathroom apartment. The strong income in place has this building at a GRM of 13.3X and a cap rate of 4.2%, and there is approximately 15% upside in the rents. The building features onsite laundry in select units, a large 2 car garage for each unit with extra parking on the driveway, and is separately metered for gas and electricity. There is a path to substantial upside via the conversion of some of the 8 garage spots to ADUs, as well as offsetting some of the expenses through the use of RUBS. The building is just 3 blocks North of Downtown Long Beach, with ongoing new developments of over $8 Billion. It offers excellent transit access only a few blocks to the metro blue line rail station, PCH, and the 710 freeway. Over 60% of households within 5 miles are renters with an average household income of over $94,000. (Per Costar)
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBR4R
Interior
Interior Features Balcony
Heating Wall Furnace
Cooling None
Fireplaces Type None
Laundry Gas Dryer Hookup, Washer Hookup
Exterior
Parking Features Garage
Garage Spaces 8.0
Pool None
Community Features Urban
Utilities Available Sewer Connected, Water Connected, Electricity Connected, Natural Gas Connected
View Y/N No
View None
Building
Lot Description Rectangular Lot
Sewer Public Sewer