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    907 927 Grand Avenue

    Long Beach, CA 90804
    • $4,375,000
    • STATUS: Active
    • ON SITE: 74 Days
    • ID#: PW21178294
    UPDATED: 51 min ago
    $4,375,000
    • 0
      BEDS
    • 0.28
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1963
    County:

    School Ratings & Info

    Description

    907-927 Grand Avenue is a 13-unit investment asset located in the popular Eastside Long Beach rental market. Situated on two parcels, the property is comprised of three separate structures featuring a favorable mix of seven 2BD / 1BA and six 1BD / 1BA units. The property has been extensively renovated. Unit interior renovations totaling over $340,000 include: New vinyl plank flooring & custom bathroom tile, Modern designer cabinets & countertops, New appliances, New energy-efficient LED lighting, New upgraded electrical sub-panels in-unit. POTENTIAL TO BUILD 2 ADUs. The property offers onsite laundry facilities and eight garages. Four of the garages are in a stand-alone structure and have the capacity to be converted to two ADUs of approximately 350 square feet each. The addition of these two ADUs has the potential to add $1,500 rental income per unit per month, for a total combined income of $36,000 annually. PRIME EASTSIDE LOCATION. Located in prime Eastside Long Beach, which has a Walk Score of 91, the property provides tenants with convenient, walkable access to all amenities for day-to-day living. The neighborhood is ranked as one of the best neighborhoods in Long Beach for young professionals by Niche.com. The median household income is $118,600 and 31% of residents are families with children. The seller's renovations and management provide a new buyer with a solid investment at 4.25% cap rate on actuals.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-10-26T10:25:51.947. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Keller Williams Realty. Licensed in the State of California, USA.
    www.therealestategirl.com/homes/120429222
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    907 927 Grand Avenue Long Beach, CA 90804

    • Price: $4,375,000
    • Status: Active
    • Updated: 51 min ago
    • ID#: PW21178294
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.28
    Acres
    1963
    Built
    Neighborhood:
    Eastside (Es)
    County:
    Los Angeles
    Area:
    3 - Eastside, Circle Area
    Property Description
    907-927 Grand Avenue is a 13-unit investment asset located in the popular Eastside Long Beach rental market. Situated on two parcels, the property is comprised of three separate structures featuring a favorable mix of seven 2BD / 1BA and six 1BD / 1BA units. The property has been extensively renovated. Unit interior renovations totaling over $340,000 include: New vinyl plank flooring & custom bathroom tile, Modern designer cabinets & countertops, New appliances, New energy-efficient LED lighting, New upgraded electrical sub-panels in-unit. POTENTIAL TO BUILD 2 ADUs. The property offers onsite laundry facilities and eight garages. Four of the garages are in a stand-alone structure and have the capacity to be converted to two ADUs of approximately 350 square feet each. The addition of these two ADUs has the potential to add $1,500 rental income per unit per month, for a total combined income of $36,000 annually. PRIME EASTSIDE LOCATION. Located in prime Eastside Long Beach, which has a Walk Score of 91, the property provides tenants with convenient, walkable access to all amenities for day-to-day living. The neighborhood is ranked as one of the best neighborhoods in Long Beach for young professionals by Niche.com. The median household income is $118,600 and 31% of residents are families with children. The seller's renovations and management provide a new buyer with a solid investment at 4.25% cap rate on actuals.
    Exterior Features

    Lot Features 11-15 Units/Acre Number Of Separate Electric Meters 13 Parking Features Garage Parking Total 8 Pool Features None Pool Private YN No Property Attached YN Yes

    Interior Features

    Common Walls 2+ Common Walls

    Property Features

    Additional Parcels YN Yes Common Interest Community Apartment Community Features Urban Electric Expense 1325 Fuel Expense 1325 Garage YN Yes Gross Income 276165 Gross Scheduled Income 290700 Insurance Expense 5500 Land Lease YN No Laundry Features Outside Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To New Loan1031 Exchange Maintenance Expense 7500 Net Operating Income 185850 New Construction YN No New Taxes Expense 55228 Number Of Separate Gas Meters 13 Number Of Separate Water Meters 1 Operating Expense 90315 Other Expense 2300 Pest Control Expense 600 Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Trash Expense 1325 Water Sewer Expense 1325 Water Source Public Zoning Lbr3s

    Listing provided courtesy of Robert Stepp of Keller Williams - Santa Monica


    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-10-26T10:25:51.947. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Keller Williams Realty. Licensed in the State of California, USA.
     
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