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Listed by Andrew McAllister • eXp Realty of Greater L.A
$ 3,150,000
Est. payment /mo
Price Dropped by $240K
1106 Pacific Avenue Long Beach, CA 90813
8,203 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 8,203 sqft
Price per Sqft $384
Subdivision Willmore District
MLS Listing ID RS-25135898
Year Built 1963
Lot Size 7,507 Sqft
Property Sub-Type Apartment
Property Description
Huge Price Reduction! Bring All Offers -Welcome to The Louis - Priced at an in-place 6.03% cap rate, the Louis iis a full renovated 12 unit apartment complex located in the heart of Long Beach, CA. This well-maintained property is comprised of (2) spacious 2-bedroom/1-bath units and (10) 1-bedroom/1-bath units, all of which were extensively remodeled with permits in 2019. Interiors feature modern finishes, and the units remain in excellent condition. That same year, the exterior received a full facelift, including new paint and a refreshed facade, enhancing the building's curb appeal. The property benefits from a stable tenant base, with approximately 10% rental upside remaining--offering investors immediate cash flow and future growth potential. Additionally, there are (6) on-site garages that present a compelling value-add opportunity: potential conversion into (3) ADUs (Accessory Dwelling Units), subject to Buyer verification. The Louis offers a rare blend of updated construction, long-term tenancy, and upside in one of Long Beach's most active rental markets.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBR4N
Interior
Heating Wall Furnace
Fireplaces Type None
Laundry Community
Exterior
Parking Features Gated
Garage Spaces 6.0
Pool None
Community Features Sidewalks, Street Lights, Urban
Utilities Available Sewer Connected, Water Connected, Electricity Connected, Natural Gas Connected
Building
Lot Description Level with Street, Lot 6500-9999, Paved
Sewer Public Sewer, Sewer Assessments