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Listed by Jackson Jorgensen • Younglewin Advisors, Inc.
$1,900,000
Est. payment /mo
6,441 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 6,441 sqft
Price per Sqft $294
Subdivision Wrigley Area
MLS Listing ID PW-26227999
Year Built 1923
Lot Size 6,869 Sqft
Property Sub-Type Apartment
Source California Regional Multiple Listing Service (CRMLS)
Property Description
COURT ORDERED SALE- SELLER AND BROKER CANNOT MAKE ANY REPRESENTATIONS TO THE CONDITION OR HISTORY OF THE PROPERTY. ACCEPTED OFFER SUBJECT TO COURT CONFIRMATION.
We are pleased to present 1085 Lewis Avenue, a 14-unit multifamily property totaling 6,441 square feet of living space built in 1923 in Central Long Beach's Cambodia Town neighborhood. The property has a unit mix of eight studios, five one-bedroom/one-bath units, and one two-bedroom/one-bath unit. All units are separately metered for gas and electricity (buyer to verify). Priced attractively at $1,900,000, which works out to $135,714 per unit and $294 per square foot, yielding a 7.08% current cap rate and an 8.27 GRM- this is one of the lowest price per unit and highest cap rate deals to come for sale in Long Beach this year.
In-place rents are about 12% below current market levels. Long Beach has no municipal rent control ordinance- the property falls under AB 1482 which allows for an 8.7% rent increase currently.
The property boasts a 91 walk score and is within a five minute walk of Aldi's, Smart and Final, and Lincoln Elementary/Pre-School. The location is dense and renter-driven, with easy access to Downtown Long Beach, the Port, and the 710 and 405 freeways
We are pleased to present 1085 Lewis Avenue, a 14-unit multifamily property totaling 6,441 square feet of living space built in 1923 in Central Long Beach's Cambodia Town neighborhood. The property has a unit mix of eight studios, five one-bedroom/one-bath units, and one two-bedroom/one-bath unit. All units are separately metered for gas and electricity (buyer to verify). Priced attractively at $1,900,000, which works out to $135,714 per unit and $294 per square foot, yielding a 7.08% current cap rate and an 8.27 GRM- this is one of the lowest price per unit and highest cap rate deals to come for sale in Long Beach this year.
In-place rents are about 12% below current market levels. Long Beach has no municipal rent control ordinance- the property falls under AB 1482 which allows for an 8.7% rent increase currently.
The property boasts a 91 walk score and is within a five minute walk of Aldi's, Smart and Final, and Lincoln Elementary/Pre-School. The location is dense and renter-driven, with easy access to Downtown Long Beach, the Port, and the 710 and 405 freeways
Location
State CA
County Los Angeles
Area 5 - Wrigley Area
Interior
Laundry None
Exterior
Pool None
Community Features Urban
Building
Lot Description Rectangular Lot
Sewer Public Sewer
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John R Thompson
Broker/Owner License ID: 01200900
Broker/Owner License ID: 01200900