1413 Obispo Avenue

    Long Beach, CA 90804
    • $1,495,000
    • STATUS: Active
    • ON SITE: 83 days
    • ID#: OC18071977
    UPDATED: 14 min ago
    $1,495,000
    • 0
      BEDS
    • 0.17
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 5,056
      SQFT
    • $296
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1929
    County:

    School Ratings & Info

    Description

    The Obispo Avenue Apartments is a pride of ownership six-unit multi-family community in the City of Long Beach. Located at 1413 Obispo Avenue, this investment presents a stable, low expense, turn-key opportunity with a 5.10% CAP Rate and 7.2% total return on current income. The subject property has two buildings which sit over a 7,426 square foot lot. The front building is comprised of (4) two bedroom/ one bath units and the rear building is comprised of (2) one bedroom/ one bath units above four garages. The building has recently gone through over $100K worth of interior and exterior renovations. Some of the upgrades include but are not limited to: new cabinetry, new PEX plumbing, updated electrical, granite counter tops, new kitchens, new bathrooms, new windows, new appliances, and new flooring. Some tenant amenities include washer/dryer hookups, ample on-site parking, and enclosed garages. The City of Long Beach continues to progress forward and is currently experiencing major redevelopment. The Long Beach Port is undergoing $4.4 billion in future redevelopment that will create 14,000 new and permanent jobs in Southern California. The Long Beach market has enjoyed strong rental growth and growing tenant demand over the past few years.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-06-21T13:28:49.557. 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.
    www.playavistaliving.com/homes/82129578

    1413 Obispo Avenue Long Beach, CA 90804

    • Price: $1,495,000
    • Status: Active
    • Updated: 14 min ago
    • ID#: OC18071977
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.17
    Acres
    5,056
    SQFT
    $296
    $/SQFT
    1929
    Built
    Neighborhood:
    699 - Not Defined
    County:
    Los Angeles
    Area:
    699 - Not Defined
    Property Description
    The Obispo Avenue Apartments is a pride of ownership six-unit multi-family community in the City of Long Beach. Located at 1413 Obispo Avenue, this investment presents a stable, low expense, turn-key opportunity with a 5.10% CAP Rate and 7.2% total return on current income. The subject property has two buildings which sit over a 7,426 square foot lot. The front building is comprised of (4) two bedroom/ one bath units and the rear building is comprised of (2) one bedroom/ one bath units above four garages. The building has recently gone through over $100K worth of interior and exterior renovations. Some of the upgrades include but are not limited to: new cabinetry, new PEX plumbing, updated electrical, granite counter tops, new kitchens, new bathrooms, new windows, new appliances, and new flooring. Some tenant amenities include washer/dryer hookups, ample on-site parking, and enclosed garages. The City of Long Beach continues to progress forward and is currently experiencing major redevelopment. The Long Beach Port is undergoing $4.4 billion in future redevelopment that will create 14,000 new and permanent jobs in Southern California. The Long Beach market has enjoyed strong rental growth and growing tenant demand over the past few years.
    Exterior Features

    Garage Spaces 4.00 Lot Features Near Public Transit Lot Size Units Square Feet Parking Total 10.00 Pool Features None Pool Private YN No Property Attached YN No

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls No Common Walls Laundry Features None

    Property Features

    Additional Parcels YN No Building Area Units Square Feet Community Features SidewalksStorm DrainsStreet Lighting Country Us Electric Expense 500.00 Elevation Units Feet Fuel Expense 500.00 Gross Income 106800.00 Gross Scheduled Income 106800.00 Insurance Expense 2872.00 Land Lease YN No Laundry YN No Net Operating Income 76224.00 New Taxes Expense 18000.00 Number Of Separate Electric Meters 6 Number Of Separate Gas Meters 6 Number Of Separate Water Meters 1 Operating Expense 27372.00 Professional Management Expense 0.00 Rent Control YN No Senior Community YN No Special Listing Conditions Standard Total Expenses 27372.00 Trash Expense 500.00 Vacancy Allowance 3204 Water Sewer Expense 500.00 Water Source Public Zoning Lbr2n

    Listing provided courtesy of Greg Bassirpou of Marcus & Millichap Re Invest.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-06-21T13:28:49.557. 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.
     
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