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    2216 Locust Avenue

    Long Beach, CA 90806
    • $1,150,000
    • STATUS: Active
    • ON SITE: 209 days
    • ID#: PW20215056
    UPDATED: 48 min ago
    $1,150,000
    • 0
      BEDS
    • 0.14
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 4,128
      SQFT
    • $279
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1928
    County:

    School Ratings & Info

    Description

    2216 Locust Avenue is a 5-unit multifamily investment in Long Beach, one of the fastest growing markets in Southern California. The building features a mix of oversized (1) three-bedroom/one bath units and (4) one-bedroom/one bath units. Each unit has its own water heater, and all units are separately metered for gas and electric. Four onsite garages offer the ability for additional income. And the enhancement of common area amenities may provide the opportunity to capture extra upside. 2216 Locust Avenue has the potential to achieve 27% rental upside and is offered at a 6.32% cap rate and 10.89 GRM on proforma rents. With billions of dollars in privately and publicly-funded development taking place, Long Beach is in the midst of a full-scale transformation into a premier metropolitan city, attracting an influx of new businesses, high-quality jobs and an educated, professional demographic of residents.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-05-10T20:35:44.45. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The DeBonis Team | Keller Williams Realty. Licensed in the State of California, USA.
    www.debonishomes.com/homes/110938950
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    2216 Locust Avenue Long Beach, CA 90806

    • Price: $1,150,000
    • Status: Active
    • Updated: 48 min ago
    • ID#: PW20215056
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.14
    Acres
    4,128
    SQFT
    $279
    $/SQFT
    1928
    Built
    Neighborhood:
    Wrigley Area (Wr)
    County:
    Los Angeles
    Area:
    5 - Wrigley Area
    Property Description
    2216 Locust Avenue is a 5-unit multifamily investment in Long Beach, one of the fastest growing markets in Southern California. The building features a mix of oversized (1) three-bedroom/one bath units and (4) one-bedroom/one bath units. Each unit has its own water heater, and all units are separately metered for gas and electric. Four onsite garages offer the ability for additional income. And the enhancement of common area amenities may provide the opportunity to capture extra upside. 2216 Locust Avenue has the potential to achieve 27% rental upside and is offered at a 6.32% cap rate and 10.89 GRM on proforma rents. With billions of dollars in privately and publicly-funded development taking place, Long Beach is in the midst of a full-scale transformation into a premier metropolitan city, attracting an influx of new businesses, high-quality jobs and an educated, professional demographic of residents.
    Exterior Features

    Lot Features 2-5 Units/Acre Number Of Separate Electric Meters 5 Parking Features Garage Parking Total 4 Pool Features None Pool Private YN No Property Attached YN Yes

    Interior Features

    Common Walls 2+ Common Walls

    Property Features

    Additional Parcels YN No Common Interest Community Apartment Community Features Urban Electric Expense 450 Fuel Expense 450 Garage YN Yes Gross Income 75696 Gross Scheduled Income 79680 Insurance Expense 1651 Land Lease YN No Laundry Features Common Area Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To New Loan1031 Exchange Maintenance Expense 1875 Net Operating Income 49336 New Construction YN No New Taxes Expense 14773 Number Of Separate Gas Meters 5 Number Of Separate Water Meters 1 Operating Expense 26360 Other Expense 875 Pest Control Expense 500 Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Trash Expense 450 Water Sewer Expense 450 Water Source Public Zoning Lbpd29

    Listing provided courtesy of Robert Stepp of Keller Williams - Santa Monica


    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-05-10T20:35:44.45. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The DeBonis Team | Keller Williams Realty. Licensed in the State of California, USA.
     
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    Riverside CA, 92508