1921 E Washington, Long Beach, CA 90805

Property Description

Perfect for investors with a current cap rate of 7.07% and GRM of 12.81 and a market cap rate of 8.47% and GRM of 10.86. Located on a quiet side street off one of the major thoroughfares in North Long Beach providing a great location and ease of commute for tenants. The property is close to local bus stops, multiple parks, and shopping centers, as well as The Michelle Obama Library. The property sits within 2 miles of both the 91 and 710 freeways. The property is also only a short drive to both downtown Long Beach and the Beach. This fourplex consists of a front building made up of three 1 Bed 1 Bath units each with a garage, and a rear building which is a detached 4 Bed 2 Bath house. The rear house sits at ~1728 sqft. While the front building units average ~485 sqft. The tenants pay their own utilities, keeping the utilities low. This building is currently fully occupied and has had less than 3% vacancy over the last 3 years. Two of the units have been partially renovated during the most recent tenant transitions. This property also has storage and laundry room opportunities for potential sellers to build out. Price $1,150,000 Price/Unit $287,500 Price/sqft $361 Current Cap Rate 7.07% Market Cap Rate 8.47% Current GRM 12.81 Market GRM 10.86. Property is priced to sell, seller is firm on price.