1641 LOCUST AVE
LONG BEACH, CA 90813
$2,450,000
0 Beds
0 Baths
7,020 Sq Ft
Status Pending
MLS# CV23068594
NEW PRICE! Excellent Assumable Financing Available! 3.63% Interest Rate - Fixed for 7.5 Years! We are pleased to exclusively offer for sale this 14 unit multi-family investment in the city of Long Beach. The subject property consists of 3 separate structures of which, all units are separately metered for electricity and gas. Additionally there is a RUBS system currently in place in which the tenants are charged back for all usage of water and trash. This leads to almost no utility cost for the investor. Tenants enjoy gated private entry as well as 5 enclosed garage spaces that are rented out for additional income. A majority of the electrical and plumbing has been updated within the past 7 years as tenants vacate and the units are rehabbed. The roof was replaced within the last 7 years as well. There are currently 3 vacancies that are rent ready and will be held vacant at COE for a new buyer to choose their own tenants and attain market rent immediately. This is a true value-add opportunity as there is approximately 35-40% upside in rental income. Utilizing the assumable financing that is in place, a new investor can look to enjoy a 6.7% CASH-ON-CASH return on Day 1 with the current rental rates that are in place, with an even more significant cash return available upon stabilizing the asset with market rental rates.
Details for 1641 LOCUST AVE
Built in 1927
$349 / Sq Ft
5 parking spaces
422 Days on website
0.17 acres lot
Price per square foot and days on website are not provided values and are calculated by RE/MAX.
KRISTOPHER GERMAN
RE/MAX 2000 REALTY, 626-956-0188
3:56am UTC- 6/19/2024
![California Regional MLS](https://d1fdal7qbcnzat.cloudfront.net/M00000093.png)
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. "CRMLS" and is protected by all applicable Copyright © 2024 laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional. Information deemed reliable but not guaranteed. Copyright © 2024 California Regional Multiple Listing Service, Inc. All rights reserved.
Area Information for 1641 LOCUST AVE
![](https://maps.googleapis.com/maps/api/staticmap?center=33.787983,-118.19137&zoom=15&size=750x250&scale=1&style=feature:poi|visibility:off&style=feature:administrative|visibility:off&markers=icon:https://peak-static-prod.remax.eng.remax.tech/web/map-pins/listing-details-pin@1x.png|scale:1|33.787983,-118.19137&key=AIzaSyDxUJRZlcKFGYI5UKOu52lQV-aACGxLtSs&signature=tGSVBt4UTL4k-ONxprtyAAiaqoo=)