Current Listing | Beautifully Renovated 21 Unit Cash Cow
Olga Wright of Lyon Stahl is pleased to present 3600 Santa Fe Ave, a beautifully renovated, 21-unit cash cow located in Long Beach.
This property is listed at $3,590,000.
Offering an astounding 6.14% Cap Rate on current rents, Santa Fe Ave. is an ideal pickup for any exchange buyer or investor looking for a low maintenance, high return investment.
The property is comprised of (18) Studios, (1) 1-Bed/1-Bath, & (2) Commercial Spaces currently being occupied by a Barber Shop and Liquor Store.
Each of the (19) Residential Units have all been renovated and are receiving top of the market rents! Santa Fe Ave. has undergone a partial Copper Re-pipe as well as adding in multiple new hot water heaters.
To the benefit of the new owner, (8) of the residential units have guaranteed rens, helping to keep one of the strongest Cap Rates on the market.
Additionally, there are (2) Storage spaces and (12) parking spaces at the rear of the property bringing in $350 a month, as well as on-site laundry bringing in an extra $15 a month.
The current owner has also implemented a RUBS Program and has also enforced the Liquor Store to bill back partial property taxes, which combine to add an additional $918 a month.
This property is an absolute steal! At only $172K Per Unit and at a current 6.14% Cap Rate, this property will not last on the market long.
More on this Property:
For More Information, Contact:
Olga Wright: [email protected]