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$ 1,900,000
Est. payment /mo
New
1085 Lewis Long Beach, CA 90813
3 Beds
3 Baths
6,869 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
Subdivision Wrigley Area (Wr)
MLS Listing ID PW26227999
Bedrooms 3
Lot Size 6,869 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
COURT ORDERED SALE- SELLER AND BROKER CANNOT MAKE ANY REPRESENTATIONS TO THE CONDITION OR HISTORY OF THE PROPERTY. ACCEPTED OFFER SUBJECT TO COURT CONFIRMATION. We are pleased to present 1085 Lewis Avenue, a 14-unit multifamily property totaling 6,441 square feet of living space built in 1923 in Central Long Beachs Cambodia Town neighborhood. The property has a unit mix of eight studios, five one-bedroom/one-bath units, and one two-bedroom/one-bath unit. All units are separately metered for gas and electricity (buyer to verify). Priced attractively at $1,900,000, which works out to $135,714 per unit and $294 per square foot, yielding a 7.08% current cap rate and an 8.27 GRM- this is one of the lowest price per unit and highest cap rate deals to come for sale in Long Beach this year. In-place rents are about 12% below current market levels. Long Beach has no municipal rent control ordinance- the property falls under AB 1482 which allows for an 8.7% rent increase currently. The property boasts a 91 walk score and is within a five minute walk of Aldi's, Smart and Final, and Lincoln Elementary/Pre-School. The location is dense and renter-driven, with easy access to Downtown Long Beach, the Port, and the 710 and 405 freeways
Location
State CA
County Los Angeles
Zoning Assessor
Direction Off of MLK and 11th
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 7274009010
Listed by Jackson Jorgensen, DRE#02022727 Younglewin Advisors, Inc.