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Listed by AJ Nay • AJ Nay, Broker
$2,750,000
Est. payment /mo
6,786 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Pending
Purchase Type For Sale
Square Footage 6,786 sqft
Price per Sqft $405
MLS Listing ID CRPW25031111
HOA Y/N No
Year Built 1931
Lot Size 4,966 Sqft
Property Sub-Type Other
Source Datashare California Regional
Property Description
Income and expense are using projected market values and put property operating near a projected 6% Cap and 11X Gross (Current estimated 4.43% and 13.3X). Located in the affluent community of Belmont Shore, a Southern California beach community and “college town†being just a few minutes from CSU Long Beach. Both buildings (also for sale with 5290 Division: 8U for $2,150,000) are meticulously cared for, and both have been upgraded with copper plumbing, electrical breakers, and most unit interiors have been upgraded. The investments provide the opportunity to increase your return by increasing the rents to market and separate metering the building utilities, therefore, providing immediate lower overhead/increased cash flow and continued added value in the future with rising utility costs being transferred to the tenants. Laundry is leased and managed by a 3rd party offering further income upside by canceling the contract and installing your own machines. Some units are turning over and may be rented at rates and differ from current income rent roll stated below. Insurance rates stated here are estimates may not be current rate for new owner, so buyer must get own insurance quotes including flood insurance if needed. No parking, street parking only.
Location
State CA
County Los Angeles
Interior
Fireplace No
Laundry Other
Building
Lot Description Corner Lot
Water Public
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