Great opportunity to own an updated and cash flowing Statewide 4-plex at 1040 Obispo Ave, in the highly desirable Eastside Long Beach area. This is a great owner/user opportunity to live in the front house and let the back units pay off your mortgage!
1040 Obispo Ave is comprised of (1) 3-bedroom/2-bath house, (3) 1-bedroom/1-bath units, as well as additional Non Conforming Studio receiving $625 a/mth. There are (4) garages, as well as (2) additional spaces in the front, offering (6) total spaces, a very rare commodity to have in Long Beach. Both upstairs units at the rear of the property have been updated and are in good condition, and the current owner has also inputted a brand new electrical system throughout the property. On current rents, the asset is operating at a 5.01% Cap Rate and 13.37 GRM, with still plenty of room to grow.
The Obispo 4-plex has a great location in Eastside Long Beach and just North of Rose Park, including being only minutes from the 710 Freeway and $6Billion in development flooding into Downtown Long Beach. This is a perfect opportunity for any buyer or owner/user looking for a value-add Statewide property in the rapidly growing city of Long Beach.