1022 Martin Luther King Jr Ave, Long Beach, CA 90813

1022 Martin Luther King Jr Ave, Long Beach, CA 90813

Long Beach, CA

Property Description

Beautifully remodeled, 5-unit Cash Cow located at 1022 Martin Luther King Jr. Ave, Long Beach. Offering an astounding 5% Cap Rate on current rents, Martin Luther King Jr. Ave is an ideal pickup for any exchange buyer or investor looking for a low maintenance, high return investment. The property has a very strong unit mix, with all (5) units being comprised of 2-Bedrooms and 1-Bath. Major system upgrades to the building include the installation of Copper plumbing, as well as a new electrical system. All units feature new bathrooms and kitchens, flooring, and paint. Each unit has the luxury of having their own Garage Space, as well as a laundry unit on site. Both are great resources for additional monthly income. Even with strong current rental income, there is still room for growth as neighboring 2-Bed units are receiving over $1,900. The MLK 5-Unit is a great opportunity for any new owner looking to reap the benefits of owning a 5-unit with great returns, only blocks away from the $6B in development flooding into Downtown Long Beach. Do not miss out on a chance to purchase a property in one of the last affordable Beach cities.

Property Features

  • Sale Price: $1,325,000
  • Area Size: 4,168
  • Land Area: 3,772
  • Year Built: 1943
  • Listing Date: 8/5/20
  • Units: 5
  • Price Per Unit: $270,000
  • Current NOI: $67,312

Lyon Stahl Investment Real Estate

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