15
See all 15 photos
$2,150,000
Est. payment /mo
3,484 Sqft Lot
New
5290 E Division ST Long Beach, CA 90803
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Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Belmont Shore (Bsd)
MLS Listing ID PW25090414
HOA Y/N No
Year Built 1952
Lot Size 3,484 Sqft
Property Sub-Type Apartment
Property Description
Income and expense are using projected market rents and put property operating at projected 5.48% Cap and 12.4X Gross (Estimated current 4.34% and 14.4X). 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 102 Argonne 10U for $2,750,000) are meticulously cared for, and both have been upgraded with copper plumbing, electrical breakers, and most unit interiors have been upgraded. The investment provides 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 may be rented at amounts different than current income rent roll. Insurance rates may not be current rate for new owner, so buyer must get own insurance quotes including flood insurance if needed. Street parking only.
Location
State CA
County Los Angeles
Area 1 - Belmont Shore/Park, Naples, Marina Pac, Bay Hrbr
Zoning LBR2S
Interior
Cooling None
Fireplace No
Laundry Common Area
Exterior
Parking Features None
Pool None
Community Features Sidewalks
Private Pool No
Building
Lot Description Corner Lot
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7247011015
Acceptable Financing Cash, Cash to New Loan, 1031 Exchange
Listing Terms Cash, Cash to New Loan, 1031 Exchange
Special Listing Condition Standard
Listed by AJ Nay • AJ Nay, Broker • 305-433-3300