1241 E Wesley, Long Beach, CA 90806

1241 E Wesley, Long Beach, CA 90806

Long Beach, CA

Property Description

Five unit investment property located within an Opportunity Zone of Long Beach. Listed for a modest $160,000 per unit, this late 1920’s construction property consists of six bedrooms and five bathrooms. Every unit stands independent, with no common walls. Four buildings provide one bedroom and one bathroom each. The fifth building, located at the rear of the property, contains two bedrooms and one bathroom. Units are separately metered for gas and electricity. Renovations have included over half of the windows being replaced with double-pane windows and roofs are five years new. Rear alleyway access provides the opportunity to create a minimum of 5 personal parking spaces for tenants. With additional renovations, and the substantial rental upside potential, investors could net an 8.20% cap rate at market rents. * SOLD AS-IS * * * DO NOT DISTURB TENANTS * *

Property Features

  • Sale Price: 845,000
  • Area Size: 6,534 SF
  • Year Built: 1929
  • Listing Date: July 21, 2021
  • Closing Date: August 31, 2021
  • Units: 5
  • Current GRM: 20.20
  • Current Cap Rate: 2.60%
  • Price Per Unit: 160,000
  • Market GRM: 9.32
  • Market Cap Rate: 8.20%

Lyon Stahl Investment Real Estate

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