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Listed by Mike Marcu • Mike Marcu, Broker
$4,499,000
Est. payment /mo
17,730 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 17,730 sqft
Price per Sqft $253
MLS Listing ID CROC25101601
HOA Y/N No
Year Built 1959
Lot Size 0.280 Acres
Property Sub-Type Other
Source Datashare California Regional
Property Description
This is a 26-unit value-add mixed-use offering in Long Beach. The two-building property, which totals approximately 17,730 square feet, is in the Historic Rose Park District on the northeast corner of 7th Street and Cherry Avenue. It comprises 8 retail spaces, one studio, 12 one-bedroom apartments, and 5 two-bedroom apartments. With approximately 20% rental upside to capture, with some renovations and operational improvements, the asking price of $4,995,000 presents an attractive stabilized capitalization rate exceeding 6% on a prime corner location.
Location
State CA
County Los Angeles
Interior
Fireplace No
Laundry No Hookups
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Deeana Owens
Broker | Owner | CA BRE#CA: 02015510, GA: 295613
Broker | Owner CA BRE#CA: 02015510, GA: 295613