7
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Listed by Dan Carpenter • Surterre Properties Inc
$3,100,000
Est. payment /mo
7,537 Sqft Lot
New
627 Linden AVE Long Beach, CA 90802
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Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CROC26010608
Year Built 1947
Lot Size 7,537 Sqft
Source California Regional MLS
Property Description
The subject property is a 22-unit apartment building located in the trendy "East Village" neighborhood of Long Beach. This charming two story 1940's complex is on a quiet street, just 6 blocks from the Ocean Avenue, and a 10-minute bike ride to Alamitos Beach! Walk Score: 97/100 (Walker's Paradise) 97 / 100. Walker's Paradise. Transit Score® 74 / 100. Excellent Transit. 89 / 100. Very Bikeable. The unit mix is predominantly Studio apartments (20) with a One Bedroom Unit and a Two Bedroom 1 Bath unit. All units are separately metered for gas and electric utilities. There is a secured entrance with laundry room onsite, and ample street parking. Priced attractively at a GRM of 9.84 and with the rent increases of 8% (AB 1482) that are due this year, the GRM drops to 9.12 and a CAP rate of 6.27% at the listed price. After that rent increase, the rents still have another 20% upside based on the average and median rent rates on the rent survey.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Interior
Laundry In Laundry Room, Laundry Area
Exterior
Garage Spaces 2.0
Pool 31, None
Building
Water District - Public
Others
Tax ID 7273028008
Special Listing Condition Not Applicable
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