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1135 Linden Avenue

Long Beach, CA 90813
  • $1,450,000
  • STATUS: Active
  • ON SITE: 105 Days
  • ID#: PW23209583
$1,450,000
  • 0
    BEDS
  • 0.17
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1922
County:

School Ratings & Info

Listing Agent(s): Jack Tanner of Beach Cities Properties, Inc. (562-938-7653)


Description

BACK ON THE MARKET >>>>> We are proud to present a good investment in a stong rental area of Long Beach. The mix is one larger 960 square foot two bedroom/one bath unit, over four garages with alley access. There are six one bedroom/one bath units, with the same 531 square foot floor plan contained in one easy to maintain garden style building. With the same continuous ownership for the last 36 years you know it is worth being the next in line to benifit from this property in your portfolio. The real value here is in the upside of the rents on an undervalued building of this size. At the proforma market rents, it will be a profitable 11.22 GRM. and 6.7 CAP. Please drive by to see the quality of the neighboring properties and single family residence. This apartment complex should prove to very inviting to educated investors. The most recently leased unit #1145 proves the $1,495 proforma rents. Current rents are based on increases due to go in effect on March 1st. If any tenants choose to move, then the $1,495 (1/1) or $1,795 (2/1) market values, makes the numbers even better on the value added.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-02-24T00:36:29.117. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Legacy 15 Real Estate Brokers. Licensed in the State of California, USA.
www.legacy15.com/homes/145187033
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1135 Linden Avenue Long Beach, CA 90813

  • Price: $1,450,000
  • Status: Active
  • On Site: 105 Days
  • ID#: PW23209583
0
Beds
0
Baths
0
½ Baths
0.17
Acres
1922
Built
Neighborhood:
Alamitos Beach (Ab)
County:
Los Angeles
Area:
4 - Downtown Area, Alamitos Beach
Property Description
BACK ON THE MARKET >>>>> We are proud to present a good investment in a stong rental area of Long Beach. The mix is one larger 960 square foot two bedroom/one bath unit, over four garages with alley access. There are six one bedroom/one bath units, with the same 531 square foot floor plan contained in one easy to maintain garden style building. With the same continuous ownership for the last 36 years you know it is worth being the next in line to benifit from this property in your portfolio. The real value here is in the upside of the rents on an undervalued building of this size. At the proforma market rents, it will be a profitable 11.22 GRM. and 6.7 CAP. Please drive by to see the quality of the neighboring properties and single family residence. This apartment complex should prove to very inviting to educated investors. The most recently leased unit #1145 proves the $1,495 proforma rents. Current rents are based on increases due to go in effect on March 1st. If any tenants choose to move, then the $1,495 (1/1) or $1,795 (2/1) market values, makes the numbers even better on the value added.
Exterior Features

Entry Level 1 Entry Location Ground Lot Features Street Level Number Of Separate Electric Meters 7 Parking Total 4 Pool Features None Pool Private YN No Property Attached YN Yes

Interior Features

Common Walls 2+ Common Walls Cooling None Cooling YN No Fireplace Features None Fireplace YN No Heating Wall Furnace Heating YN Yes

Property Features

Additional Parcels YN No Cap Rate 4.6 Common Interest None Community Features Street LightsUrban Garage YN Yes Gross Income 98601.6 Gross Scheduled Income 98602 Insurance Expense 2139 Land Lease YN No Laundry Features Common Area Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashConventional1031 ExchangeFHASubmit Net Operating Income 66751.6 New Construction YN No Number Of Separate Gas Meters 7 Number Of Separate Water Meters 1 Number Of Units Leased 7 Operating Expense 31850 Property Sub Type Mixed Use Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays ElectricityGas Total Actual Rent 6130 Trash Expense 600 Water Sewer Expense 1000 Water Source Public



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-02-24T00:36:29.117. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Legacy 15 Real Estate Brokers. Licensed in the State of California, USA.
 
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Legacy 15 Real Estate Brokers
22521 Avenida Empresa Suites 100 & 102
Rancho Santa Margarita CA, 92688
Listing Agent(s): Jack Tanner of Beach Cities Properties, Inc. (562-938-7653)