$3,597,000
$3,800,000
5.3%For more information regarding the value of a property, please contact us for a free consultation.
10,428 Sqft Lot
SOLD DATE : 12/01/2023
Key Details
Sold Price $3,597,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Subdivision North Long Beach (Nlb)
MLS Listing ID PW23173500
Sold Date 12/01/23
HOA Y/N No
Year Built 1961
Annual Tax Amount $45,615
Lot Size 10,428 Sqft
Property Description
Pleased to present 477 E. South Street near the Bixby Knolls area Long Beach. The 16-unit apartment community is comprised of a desirable unit mix of all 2-Bedroom/1-Bathroom units. The building also offers tenants access to a treelined community courtyard with drought resistant landscaping. There is also a community laundry room for tenants to use. Priced under $250,000/unit the property generates cashflow to a 6.3% CAP Rate on current rents with additional upside for the prudent investor.
The community is extremely well located just off Atlantic Avenue restaurants and shops. It also offers easy access to 91, 710, and 405 freeways.
Location
State CA
County Los Angeles
Area 7 - North Long Beach
Zoning LBCMR
Interior
Fireplaces Type None
Fireplace No
Laundry Common Area
Exterior
Garage Assigned
Pool None
Community Features Curbs, Sidewalks
Total Parking Spaces 12
Private Pool No
Building
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 7125032033
Energy Description 2250.0
Acceptable Financing Cash to New Loan, Conventional, 1031 Exchange
Listing Terms Cash to New Loan, Conventional, 1031 Exchange
Financing Cash to New Loan
Special Listing Condition Standard
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Bought with Trey Mitchell • CB Richard Ellis, Inc.
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Broker Associate | Lic# 00870450