New Listing – Two Homes on a Lot in Long Beach
Listed at $775,000, this property has a 4.71% cap rate and a 14.03 GRM
This beautiful asset in North Long Beach has one 2-bedroom/1.5 bath home (1740 E. Washington) and one 1-bedroom/1-bathroom home (5427 Rose Ave.), both receiving top of the market rents! Both units have been renovated, including the Rose Ave. home being taken all the way down to the studs. Upgrades include new plumbing, new bathrooms, and elegantly remodeled interiors. The interiors of the homes feature newly finished hardwood flooring, new countertops, new paint, dishwashers, and a lovely fireplace. In being taken down to the studs, Rose Ave. received a brand new roof, brand new electrical system, new gas lines, new meters, and a new air conditioning system! The property is beautifully landscaped, with colorful flower beds, stone walkways, and an outdoor patio/deck area.
This charming duplex is situated just blocks from the new “Uptown” development project in North Long Beach, that will occupy over 100,000 Sq.Ft. of space. The development will include five new restaurants, a full-service bank, as well as North Long Beach’s first craft beer hub. The design will serve as the centerpiece for North Long Beach. This is a perfect asset for any owner/user or buyer looking to own a piece of property in Southern California’s last affordable beach communities.
• Located only blocks from the New Development of North Long Beach
• Property features beautiful hardwood flooring, new countertops, outdoor patio/deck area
• Both homes have been renovated (1-bedroom home taken all the way down to the studs)
• Upgrades include new roof, new gas lines, new meters, new air conditioning system, elegantly remodeled interiors
• Perfect owner/user opportunity that is already receiving top of the market rents
City Overview: Long Beach has emerged as a popular coastal community in Southern California. Located south of the city of Los Angeles, it has a population of about 471,000. Located near the 405 and 710 freeways, and with access to the Metro Blue Line train, Long Beach provides easy commutes to major employment hubs in Los Angeles and Orange County. Long Beach is also home to major businesses such as Verizon, Molina Healthcare, and the Port of Los Angeles.
Dozens of projects are transforming the city’s landscape, with more than $2.5 billion in capital pouring into Long Beach. These include the Douglas Park Redevelopment, a 261 acre mixed-use project on the site of the former Boeing campus. It will bring over 5000 jobs to Long Beach and will be home to nearly 30 businesses such as Mercedes–Benz US West headquarters and Virgin Galactic.
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