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Listed by AJ Nay • AJ Nay, Broker
$2,150,000
Est. payment /mo
2,712 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 2,712 sqft
Price per Sqft $792
MLS Listing ID CRPW25090414
HOA Y/N No
Year Built 1952
Lot Size 3,485 Sqft
Property Sub-Type Other
Source Datashare California Regional
Property Description
Income and expense are using projected market rents and put property operating at projected 5.48% Cap and 12.4X Gross (Estimated current 4.34% and 14.4X). Located in the affluent community of Belmont Shore, a Southern California beach community and “college town†being just a few minutes from CSU Long Beach. Both buildings (also for sale with 102 Argonne 10U for $2,750,000) are meticulously cared for, and both have been upgraded with copper plumbing, and most unit interiors have been upgraded. The investment provides the opportunity to increase your return by increasing the rents to market and separate metering the building utilities, therefore, providing immediate lower overhead/increased cash flow and continued added value in the future with rising utility costs being transferred to the tenants. Laundry is leased and managed by a 3rd party offering further income upside by canceling the contract and installing your own machines. Some units may be rented at amounts different than current income rent roll. Insurance rates may not be current rate for new owner, so buyer must get own insurance quotes including flood insurance if needed. Street parking only.
Location
State CA
County Los Angeles
Interior
Cooling None
Fireplace No
Laundry Other
Building
Lot Description Corner Lot
Water Public
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