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Listed by Mike Marcu • Mike Marcu, Broker
$ 4,699,000
Est. payment | /mo
0.28 Acres Lot
$ 4,699,000
Est. payment | /mo
0.28 Acres Lot
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CROC25101601
Year Built 1959
Lot Size 0.280 Acres
Source California Regional MLS
Property Description
This is a 26-unit value-add mixed-use offering in Long Beach. The two-building property, which totals approximately 17,730 square feet, is in the Historic Rose Park District on the northeast corner of 7th Street and Cherry Avenue. It comprises 8 retail spaces, one studio, 12 one-bedroom apartments, and 5 two-bedroom apartments. With approximately 20% rental upside to capture, with some renovations and operational improvements, the asking price of $4,995,000 presents an attractive stabilized capitalization rate exceeding 6% on a prime corner location.
Location
State CA
County Los Angeles
Area 3 - Eastside, Circle Area
Interior
Laundry None
Exterior
Parking Features No Parking
Garage Spaces 8.0
Pool None
Building
Sewer Sewer Available
Water District - Public
Others
Tax ID 7262024021
Special Listing Condition Not Applicable
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Dave Lucas
REALTOR® | Lic# 02092197