2065 Locust Ave, Long Beach, CA 90806

2065 Locust Ave, Long Beach, CA 90806

Long Beach, CA

Property Description

Perfect Owner Occupied opportunity! Renovated, Major Cash Cow 4-plex at 2065 Locust Ave., Long Beach. One of the highest available Cap Rates on the market, this South Wrigley asset is perfect for anyone looking for immediate cash flow and low maintenance. On current rental income, the property operates at an incredible 5.26% Cap and 13.31 GRM. Locust Ave. has an incredibly strong unit mix, being comprised of (3) 2-bedroom/1-bath & (1) 5-bedroom/2-bath units. One 2 bedroom/1 bath unit can be delivered vacant at close of escrow. A very rare commodity in Long Beach, the property has (5) garages on site conveniently located for all tenants, as well as an opportunity for extra income for owners. Renovations to the property include granite counter tops, stainless steel appliances, new bathrooms/floors, and a full copper re-pipe. Locust was also re-stuccoed and has new interior/exterior paint. The property is also separately metered for gas and electric. With $6B in development flowing into the city, Long Beach has continued to rise as a top beach community. This is a perfect opportunity for any buyer to own a cash flowing asset in one of Southern California’s last affordable beach communities.

Property Features

  • Sale Price: $1,212,000
  • Area Size: 3,376 SF
  • Land Area: 7,481 SF
  • Year Built: 1940
  • Listing Date: 7/21/2020
  • Closing Date: 11/09/2020
  • Units: 4
  • Price Per Unit: $312,500
  • Current NOI: $65,692

Lyon Stahl Investment Real Estate

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