$1,450,000
$1,475,000
1.7%For more information regarding the value of a property, please contact us for a free consultation.
2,985 SqFt
SOLD DATE : 08/02/2023
Key Details
Sold Price $1,450,000
Property Type Multi-Family
Sub Type Mixed Use
Listing Status Sold
Purchase Type For Sale
Square Footage 2,985 sqft
Price per Sqft $485
Subdivision North Long Beach (Nlb)
MLS Listing ID PW23047866
Sold Date 08/02/23
HOA Y/N No
Year Built 1928
Lot Size 5,566 Sqft
Acres 0.1278
Property Description
5729 California Avenue is a seven-unit property located in North Long Beach. The property is comprised of six (6) studio units and a detached, remodeled 2BD/1BA house. The house was completely renovated as of 2022. The property is priced at 11.96 x gross and 5.18 cap rate on current rents. A new owner has the opportunity to increase rents and achieve 10.60 x gross and 6.17% cap rate. Additional income generating opportunities for a new owner include renting out storage spaces and surface parking spots on the property. Each building has its own electric meter, and a new owner could implement RUBS to further bring down operating expenditures.
Location
State CA
County Los Angeles
Area 7 - North Long Beach
Zoning LBCNR
Rooms
Ensuite Laundry None
Interior
Laundry Location None
Fireplace No
Laundry None
Exterior
Pool None
Community Features Sidewalks
Total Parking Spaces 4
Private Pool No
Building
Lot Description 6-10 Units/Acre
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 7127003017
Energy Description 1931.0
Acceptable Financing Cash, Cash to New Loan, 1031 Exchange
Listing Terms Cash, Cash to New Loan, 1031 Exchange
Financing Cash
Special Listing Condition Standard
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Bought with Edward Sanchez • SoCal Realty
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "