233 Argonne Avenue, Long Beach, CA 90803

233 Argonne Avenue, Long Beach, CA 90803

Long Beach, CA

Property Description

4 Unit located within highly desirable Belmont Shore, Long Beach. Being within walking distance to the beach and popular 2nd Street, as well as supplying convenient garages for each unit and onsite coin laundry, tenant selection and retention are a breeze. While its mid-century modern architecture, with clean lines and simplicity, present classic modernity in natural for, its renovated interiors and exterior make it the pride of ownership. Listed for a modest $362,500 per unit, the over $100,000 in renovations was well spent. Consisting of all one bedroom and one bathroom units, three of the units display beautiful and durable granite countertops, as well as new cabinets, floors, and paint. The fourth unit has new floors and has recently been painted. Units are separately metered for gas and electricity and rents have not been raised within the last 12 months, allowing for a substantial upside in returns up to a 3.28 Cap Rate with only one increase.

Property Features

  • Sale Price: $1,450,000
  • Area Size: 2,329 SF
  • Year Built: 1964
  • Listing Date: August 30, 2021
  • Units: 4
  • Current GRM: 20.24
  • Current Cap Rate: 2.92%
  • Price Per Unit: $362,500
  • Market GRM: 17.15
  • Market Cap Rate: 3.79%

Lyon Stahl Investment Real Estate

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