See all 45 photos
45 photos
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
Listed by Robert Stepp • Keller Williams Realty Downey
$2,295,000
Est. payment /mo
6,230 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Commercial/Residential
Listing Status Active
Purchase Type For Sale
Square Footage 6,230 sqft
Price per Sqft $368
MLS Listing ID PW-26200874
Year Built 1923
Lot Size 6,502 Sqft
Property Sub-Type Commercial/Residential
Source California Regional Multiple Listing Service (CRMLS)
Property Description
1059 Gladys Avenue presents the opportunity to acquire a 12-unit multifamily property in popular Eastside Long Beach. The property offers all 1BD/1BA units (two are renovated) with on-site laundry facilities. Electricity is separately metered, while gas is master-metered with one water heater. The assumable financing is particularly compelling: approximately $1.451 million at a fixed 3.57% interest rate, representing roughly 63% LTV and fully amortizing over the remaining loan term. Annual debt service is ~$78,870. In the current interest-rate environment, this low cost of debt is a significant investment advantage. At the $2.295 million asking price, the property produces approximately $126,809 in current NOI, equating to a 5.53% current cap rate. Because the going-in cap rate is substantially higher than the 3.57% mortgage rate, investors benefit from meaningful positive leverage. After debt service, the property is projected to generate approximately $47,939 in annual pre-tax cash flow, providing a 5.68% current cash-on-cash return on the approximately $844,000 down payment. Eastside Long Beach is a well-established and highly desirable rental neighborhood, offering residents a compelling combination of walkability, affordability and proximity to the city's coastal lifestyle and major employment centers. The property benefits from a Walk Score of 93 (“Walker's Paradise”), with numerous shopping, dining and everyday conveniences within a short walk. The neighborhood also provides convenient access to Downtown Long Beach, Belmont Heights, Recreation Park, Colorado Lagoon and the beach, while California State University, Long Beach and Long Beach City College are both within approximately three miles.
Location
State CA
County Los Angeles
Area 3 - Eastside, Circle Area
Interior
Laundry Common Area
Exterior
Pool None
Community Features Sidewalks
Building
Lot Description 11-15 Units/Acre
Sewer Public Sewer
Read Less Info
Nearby Locations
GET MORE INFORMATION
John R Thompson
Broker/Owner License ID: 01200900
Broker/Owner License ID: 01200900