Long Beach CA  home offered at $2,450,000 

Call Lisa DiNoto Group at (909)921-2544 to see this home.

 

1470 Elm Avenue
Long Beach, California CA 90813-2045
Price: $2,450,000
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Listing ID: PW19205915
Price/SqFt: $366.88
Status: Pending
SqFt: 6,678 Sq Ft
Acres: 0.174 Acres
Subdivision: Willmore District (WM)
Year Built: 1959

1470 Elm Avenue is a 10-unit investment asset with all two-bedroom units, located in a rapidly up-and- coming neighorhood near exciting new developments. The building's roof and windows were replaced in the past five years and nine of the ten units have been upgraded with vinyl plank flooring, paint and counter tops. The property also offers parking and controlled access. Offered at a 4.94% cap rate on actual rents, 1470 Elm Avenue provides an attractive opportunity for an investor to own an asset with 12%+/- rent upside potential in a quiet downtown Long Beach-adjacent neighborhood. This area is beginning to benefit from the large amount of capital flooding into Long Beach. As renters move inland from Downtown Long Beach and beach areas, renter demographics are changing in the surrounding areas. Exciting new developments are taking place within just a few blocks from the property.

Primary Features

County: Los Angeles
Lot Features: 6-10 Units/Acre
MLS Area Major: 4 - Downtown Area, Alamitos Beach
Special Listing Conditions: Standard
Year Built: 1959
Zoning: LBR3S

Additional

Community Features: Sidewalks, Street Lights, Urban
Land Lease: no
Laundry Features: Individual Room
Laundry: yes
Lot Size Source: Assessor
Lot Size Units: Square Feet
Number Of Separate Electric Meters: 10
Number Of Separate Gas Meters: 10
Number Of Separate Water Meters: 1
Number Of Units Total: 10
Other Expense Description: Reserves
Property Attached: yes
Senior Community: no
Tax Block: 2
Tax Lot: 2
Tax Tract Number: 5753
Water Source: Public
Year Built Source: Assessor

Interior Features

Common Walls: 2+ Common Walls
Garage Spaces: 1
Levels: Two
Stories Total: 2

Financial Details

Cap Rate: 4.94
Electric Expense: 2017
Fuel Expense: 2017
Gross Income: 181133
Gross Multiplier: 12.85
Gross Scheduled Income: 190666
Insurance Expense: 2671
Maintenance Expense: 3750
Net Operating Income: 121010
New Taxes Expense: 31094
Operating Expense: 60123
Other Expense: 1750
Pest Control Expense: 615
Professional Management Expense: 9057
Rent Control: no
Total Expenses: 60123
Trash Expense: 2017
Water Sewer Expense: 2017

External Features

Lot Size Area: 7594
Lot Size Square Feet: 7594
Number Of Buildings: 1
Parking Features: Driveway, Garage
Parking Total: 1
Parking: yes
Pool Features: None
Private Pool: no
Sewer: Public Sewer

Location Information

Country: US

Zoning Info


© 2019. The multiple listing data appearing on this website is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the consumer may be interested in purchasing. All data, including but not limited to all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Last updated Thursday, December 5th, 2019.

Based on information from CARETS as of Thursday, December 5th, 2019 06:50:09 PM. The information being provided by CARETS is for the visitor's personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CARETS, CLAW, CRISNet MLS, i-Tech MLS, PSRMLS and/or VCRDS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.

Any property information referenced on this website comes from the Internet Data Exchange (IDX) program of CRISNet MLS and/or CARETS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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Listing courtesy of Robert Stepp, DRE #01456379 from Keller Williams Pacific Estate

Contact - Listing ID PW19205915

Lisa DiNoto

8250 White Oak
Rancho Cucamonga, CA 91730
Phone: 9099212544

Data services provided by IDX Broker
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