1133 Freeman AVE Save Request In-Person Tour Request Virtual Tour
Long Beach,CA 90804
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active Under Contract
Purchase Type For Sale
MLS Listing ID SB24158172
HOA Y/N No
Year Built 1971
Lot Size 0.292 Acres
Property Description
6.18% CAP RATE! Newer 1971 build. This 16 unit Pride of Ownership
asset is located in the highly coveted eastside of Long Beach.
Property not only is being offered at an amazing 6.18% cap rate
and a 10.5 GRM, but also comes with 9 Garages and 10 additional
exterior parking spaces for a total of 19 parking.
1133 Freeman has a very desirable unit mx consisting of (6)
2Bed+1Bath, (8) 1Bed+1Bath and (2) Studio+1Bath units. An
additional four 2 bedroom and 2 bathroom ADU's can be built in
the garages for approximately $600K while still maintaining 16
exterior parking spaces on the site. The 4 additional ADU's will
bring in $2600 a month each or $124,800 annually for a value of a
4.8 GRM or a 20% return annually.
The tax accessor has allocated 81% of the assets value to the
improvements giving a buyer a significant depreciation schedule
(Most buildings are 50/50). This will be a further help for a buyer
as they can currently collect 60% bonus depreciation and likely
100% retroactively if the current tax relief bill gets finalized on the
senate floor.
All units are separately metered for gas and electric and property
is impeccably maintained. This property has the best current cap
rate, price per foot, price per door GRM combo available on the
market. With upside to over a 10.5% CAP rate this property truly is
the best building you can buy right now and is perfect for any type
of investor.
CALL FOR OFFERS 8/14 5pm
All offers will have a chance to tour the asset the week of August
5th.
Location
State CA
County Los Angeles
Area 3 - Eastside, Circle Area
Zoning LBR2N
Interior
Fireplace No
Laundry Inside
Exterior
Garage Spaces 9.0
Garage Description 9.0
Pool None
Community Features Urban
Total Parking Spaces 9
Private Pool No
Building
Lot Description 0-1 Unit/Acre
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 7259018026
Acceptable Financing Cash,Cash to New Loan,Conventional,1031 Exchange
Listing Terms Cash,Cash to New Loan,Conventional,1031 Exchange
Special Listing Condition Standard