404 E Freeland St, Long Beach, CA 90807

404 E Freeland St, Long Beach, CA 90807

Long Beach, CA

Property Description

Lyon Stahl is proud to present 404 E Freeland St located in Long Beach in Bixby Knolls. This charming 4-unit features (4) 2-Bedroom/1-Bath modern units, with one delivered vacant, for a total living area of 3,256 Sqft and (4) car garage spaces with an additional 7 off-street parking. This property features a 400-amp service electrical box has been newly installed. Water heaters have been upgraded to tankless water heaters and are plumbed into the unit. Original heaters in each unit were upgraded to high-efficiency direct vent heaters. The original roof has been stripped and installed with 40-year shingles to both building and garage. In addition, each unit has newly installed garbage disposals. All windows have been replaced with dual pane energy-efficient windows. All tenants have access to shared laundry.

This property has been owned by the same owner since 1948. Over the past few years, Bixby Knolls has seen a huge amount of changes attracting businesses and people from all over. Bixby Knolls offers residents access to popular destinations such as Steelcraft, Bake and Broil and has recently attracted multiple brewers including Liberation Brew Co., Smog City Brewing, and Dutches Brewhouse to name a few. This property is an incredible opportunity for an investor and/or own-user to own a trophy property in an area that is rapidly growing, with upward potential in the current rents.

<strong>Investment Highlights: </strong>
• Unit Mix: (4) 2-Bed/1-Bath Units | ONE unit delivered vacant
• 3,256 SF Two-Story building on a large 9,498 SF Lot
• Brand new 400-amp electrical service box installed
• Units recently updated and undergone some remodeling
• The roof was upgraded to 40-year shingles
• Market 5.66% CAP &amp; 13.01 GRM in Long Beach!
• 4-Car Garage plus 7 off-street parking
• Highly sought-after market with limited inventory

Property Features

  • Sale Price: $1,225,000
  • Area Size: 3,256 SF
  • Land Area: 9,498 SF
  • Year Built: 1945
  • Closing Date: 11/13/19
  • Units: 4
  • Current GRM: 17.28
  • Current Cap Rate: 3.80%
  • Market GRM: 12.39
  • Market Cap Rate: 6.02%

Lyon Stahl Investment Real Estate

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