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(310)918-5027
Real Estate Company
651 E 46th Street, Long Beach, CA 90807
- $2,770,000
- Sold Price
- $2,770,000
- List Price
- $2,895,000
- Closing Date
- Dec 20, 2024
- Status
- CLOSED
- MLS#
- PW24210020
- Year Built
- 1973
- Lot Size
- 11,157
- Acres
- 0.26
- Lot Location
- 11-15 Units/Acre
- Days on Market
- 0
- Property Type
- Multifamily
- Property Sub Type
- Apartment
- Stories
- Two Levels
- Neighborhood
- Bixby Knolls (Bk)
Property Description
651 E. 46th Street is a 12-unit value add investment asset located in the Bixby Knolls neighborhood of Long Beach. The property offers a new investor 34% total rental upside potential for a 7.8% market cap rate. Situated on a 11,154-square-foot lot, the building features all spacious units: (9) 1BD/1BA; (1) 2BD/1BA; (1) 2BD/2BA; and (1) 3BD/2BA. Additionally, the 100% electric building includes copper plumbing throughout. Onsite laundry provides a convenient facility for tenants and an added income stream for the owner. Ten (10) garages and two (2) surface spaces offer the potential to provide additional income as well as ADU opportunities. Located within steps to Aldi and other amenities, the property is also in close proximity to Atlantic Avenue's restaurants, coffee shops and amenities. In recent years the area has become a dynamic locale for exciting new businesses. The Bixby Knolls location offers convenient proximity to both the 710 and 405 freeways, providing quick and easy access to all areas of Southern California.
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Additional Information
- Pool Description
- None
- Heat
- Radiant
- Garage Spaces Total
- 10
- Sewer
- Public Sewer
- Water
- Public
- Attached Structure
- Attached
- Number Of Units Total
- 12
- Gross Scheduled Income
- $233,076
- Operating Expense
- 85367
Listing courtesy of Listing Agent: Robert Stepp (rstepp@steppcommercial.com) from Listing Office: Keller Williams - Santa Monica.
Listing sold by Avinash Narang from BRC Advisors BH
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Based on information from California Regional Multiple Listing Service, Inc. as of . 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.