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Listed by AJ Nay • AJ Nay, Broker
$2,150,000
Est. payment /mo
3,485 Sqft Lot
New
5290 E Division ST Long Beach, CA 90803
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Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRPW25090414
Originating Board California Regional MLS
Year Built 1952
Lot Size 3,485 Sqft
Property Description
Income and expense are using projected market rents and put property operating at projected 5.48% Cap and 12.4X Gross (Estimated current 4.34% and 14.4X). Located in the affluent community of Belmont Shore, a Southern California beach community and "college town" being just a few minutes from CSU Long Beach. Both buildings (also for sale with 102 Argonne 10U for $2,750,000) are meticulously cared for, and both have been upgraded with copper plumbing, electrical breakers, and most unit interiors have been upgraded. The investment provides the opportunity to increase your return by increasing the rents to market and separate metering the building utilities, therefore, providing immediate lower overhead/increased cash flow and continued added value in the future with rising utility costs being transferred to the tenants. Laundry is leased and managed by a 3rd party offering further income upside by canceling the contract and installing your own machines. Some units may be rented at amounts different than current income rent roll. Insurance rates may not be current rate for new owner, so buyer must get own insurance quotes including flood insurance if needed. Street parking only.
Location
State CA
County Los Angeles
Area 1 - Belmont Shore/Park, Naples, Marina Pac, Bay Hrbr
Interior
Cooling None
Laundry Laundry Area
Exterior
Parking Features No Parking
Pool 31, None
Building
Water District - Public
Others
Tax ID 7247011015
Special Listing Condition Not Applicable
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