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Listed by Anthony Walker • Buckingham Investments, Inc
$ 1,550,000
Est. payment /mo
Active
1030 Myrtle AVE Long Beach, CA 90813
6,535 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Fourplex
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRSB25042498
Style Contemporary
Originating Board California Regional MLS
Year Built 2005
Lot Size 6,535 Sqft
Property Sub-Type Fourplex
Property Description
2005 construction and just outside of downtown Long Beach, this quadruplex has three large 3 bedroom 1 bathroom apartments, and one 1 bedroom 1 bathroom apartment. The strong income in place has this building at a GRM of 13.3X and a cap rate of 4.2%, and there is approximately 15% upside in the rents. The building features onsite laundry in select units, a large 2 car garage for each unit with extra parking on the driveway, and is separately metered for gas and electricity. There is a path to substantial upside via the conversion of some of the 8 garage spots to ADUs, as well as offsetting some of the expenses through the use of RUBS. The building is just 3 blocks North of Downtown Long Beach, with ongoing new developments of over $8 Billion. It offers excellent transit access only a few blocks to the metro blue line rail station, PCH, and the 710 freeway. Over 60% of households within 5 miles are renters with an average household income of over $94,000. (Per Costar)
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Rooms
Kitchen Oven Range - Gas, Oven - Gas
Interior
Heating Wall Furnace
Cooling None
Laundry Gas Hookup, 30
Exterior
Parking Features Garage
Garage Spaces 14.0
Pool 31, None
View None
Roof Type Flat / Low Pitch
Building
Foundation Concrete Slab
Water District - Public
Architectural Style Contemporary
Others
Tax ID 7274010011
Special Listing Condition Not Applicable
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