Long Beach, CA 90805 477 E South Street
$3,990,000
16 more
Presented By: Jeff Kim with eXp Realty of California, Inc.; Jeff@kimrealtygroup.com
Beds • 28
Baths • 14
SQFT • 9,840
Year Built • 1961
Home Details
Invest in Long Beach near Bixby Knolls and own this updated 16-unit apartment community. Composed of a desirable unit mix of all 2-bed, 1-bath units across two buildings with a courtyard in between, this property boasts a scheduled CAP rate of 5.58% at 100% occupancy. One unit is currently vacant. Fourteen of 15 existing leases are month-to-month. Five of the 16 units are newly renovated (2024) with updated plumbing, paint, flooring and kitchen finishes. Two of these five units also feature upgraded bathrooms and lighting throughout. More 2024 building updates include all new electrical panels, and new water lines to 8 of the 16 units. A community laundry room provides additional income. This apartment building is located near Atlantic Avenue restaurants and shops, the new KB Homes mixed-use development Rhythm (under construction), and easy access to the 91, 710 and 405 freeways.
Presented By: Jeff Kim with eXp Realty of California, Inc.; Jeff@kimrealtygroup.com
Interior Features for 477 E South Street
Bathrooms
Total Baths
Other Interior Features
Air Conditioning Y/NNo
Basement (Y/N)No
Common WallsTwoCommonWallsOrMore
Fireplace Y/NNo
Heating Y/NNo
Laundry FeaturesCommonArea
Total Stories2
Other Rooms
Entry Level1
General for 477 E South Street
Additional Parcels Y/NNo
Attached Garage No
Building Area UnitsSquareFeet
Cap Rate5.58
Carport Y/NNo
CityLong Beach
Community FeaturesCurbs, Sidewalks, Urban
CountyLos Angeles
DirectionsNearest cross St is Linden Avenue
Electric On Property Y/NNo
Entry LocationGround floor
Garage Spaces0.0
Garage Y/NNo
Gross Income302885.0
HOANo
HOA Fee$0.0
Home Warranty Y/NNo
Insurance Expense6260.0
Land Lease Y/NNo
Lease Considered Y/NNo
Lease Renewal Y/NNo
LevelsTwo
Listing TermsCash, Conventional
Lot Size Square Feet10429.0
Lot Size UnitsSquareFeet
MLS Area7 - North Long Beach
MobileHomeRemainsYNNo
Net Operating Income181975.0
New ConstructionNo
Number Of Units Total16
Number of Units Leased13
Open Parking Spaces12.0
Operating Expense120910.0
Pool FeaturesNone
Property Attached Y/NYes
Property TypeResidentialIncome
Rent Control Y/NNo
Senior Community Y/NNo
Special Listing ConditionsStandard
Standard StatusActive
StatusActive
Stories2
Tax Lot44
Taxes$56,997
Total Actual Rent26228.0
Trash Expense256.0
Water Sewer Expense3909.0
Waterfront Y/NNo
Year Built1961
Year Built SourceAssessor
ZoningLBCMR
Exterior for 477 E South Street
Building Area Total9840.0
Crops Included Y/NNo
Horse Y/NNo
Irrigation Water Rights Y/NNo
Lot FeaturesLevel
Lot Size Acres0.2394
Lot Size Area10429.0
Lot Size SourceAssessor
Number of Buildings2
Number of Separate Electric Meters16
Number of Separate Gas Meters16
Number of Separate Water Meters1
Open Parking Y/NNo
Private PoolNo
SpaNo
Total Parking12.0
Additional Details
Price History
Keegan Cin
Team Lead
Price
$3,990,000
MLS#PTP2407021
List Date
11/14/2024
Property Type
Multi-Family
Phone
(310) 963-5595
