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$ 3,150,000
Est. payment /mo
Price Dropped by $240K
1106 Pacific Avenue Long Beach, CA 90813
4 Beds
4 Baths
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
Subdivision Willmore District (Wm)
MLS Listing ID RS25135898
Bedrooms 4
Property Sub-Type Res Income 2-4 Units
Property Description
Huge Price Reduction! Bring All Offers -Welcome to The Louis - Priced at an in-place 6.03% cap rate, the Louis iis a full renovated 12 unit apartment complex located in the heart of Long Beach, CA. This well-maintained property is comprised of (2) spacious 2-bedroom/1-bath units and (10) 1-bedroom/1-bath units, all of which were extensively remodeled with permits in 2019. Interiors feature modern finishes, and the units remain in excellent condition. That same year, the exterior received a full facelift, including new paint and a refreshed faade, enhancing the buildings curb appeal. The property benefits from a stable tenant base, with approximately 10% rental upside remainingoffering investors immediate cash flow and future growth potential. Additionally, there are (6) on-site garages that present a compelling value-add opportunity: potential conversion into (3) ADUs (Accessory Dwelling Units), subject to Buyer verification. The Louis offers a rare blend of updated construction, long-term tenancy, and upside in one of Long Beachs most active rental markets.
Location
State CA
County Los Angeles
Zoning Assessor
Direction Pacific Ave b/t 10th and 12th Streets
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Tax ID 7273005013
Listed by Andrew McAllister eXp Realty of Greater L.A