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1464 Gardenia Avenue

Long Beach, CA 90813
  • $2,150,000
  • STATUS: Active Under Contract
  • ON SITE: 83 Days
  • ID#: SB24234194
Under Contract
UPDATED: 57 min ago
$2,150,000
  • 0
    BEDS
  • 0.14
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1953
County:

School Ratings & Info

Listing Agent(s): Anthony Walker of Buckingham Investments, Inc (310 982-7055) and Josh Ess of ()


Description

Significant Price reduction!!! Totally remodeled, turnkey 8-unit (6+2 brand new ADU's) property in a high demand rental area of Long Beach. Great unit mix with one 3 bed/1 bath unit, five 2 bed/1 bath units, and two brand new 1 bed/1 bath detached ADU's. High yield, low expense property at an in-place cap rate of 6.2% and a GRM of 10.61 with an additional 4% in upside to a market cap rate of 6.6% and a 10.13 GRM. Extensively renovated property including exterior refresh, new windows, main electrical panel, controlled access, low-water landscaping, common areas, and lighting. 5 out of 6existing units upgraded with new vinyl flooring, new kitchens, bathrooms, paint, and lighting. Two brand new 1 bed/1 bath ADUs just completed atthe rear of the property separated by a new turf courtyard. ADUs include mini-split AC units, in-unit laundry hookups, open concept kitchen/livingareas, stainless steel appliances, high grade cabinets, quartz countertops, and full-sized bathrooms. Parking for 3-4 cars in the rear of the property.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2025-02-06T12:31:14.15. 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 deemed reliable but is not guaranteed accurate by the MLS or Team Tami | Palm Realty Boutique. Licensed in the State of California, USA.
www.playavistaliving.com/homes/157873646
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1464 Gardenia Avenue Long Beach, CA 90813

  • Price: $2,150,000
  • Status: Active Under Contract
  • On Site: 83 Days
  • Updated: 57 min ago
  • ID#: SB24234194
0
Beds
0
Baths
0
½ Baths
0.14
Acres
1953
Built
Neighborhood:
Poly High (Ph)
County:
Los Angeles
Area:
9 - Poly High
Property Description
Significant Price reduction!!! Totally remodeled, turnkey 8-unit (6+2 brand new ADU's) property in a high demand rental area of Long Beach. Great unit mix with one 3 bed/1 bath unit, five 2 bed/1 bath units, and two brand new 1 bed/1 bath detached ADU's. High yield, low expense property at an in-place cap rate of 6.2% and a GRM of 10.61 with an additional 4% in upside to a market cap rate of 6.6% and a 10.13 GRM. Extensively renovated property including exterior refresh, new windows, main electrical panel, controlled access, low-water landscaping, common areas, and lighting. 5 out of 6existing units upgraded with new vinyl flooring, new kitchens, bathrooms, paint, and lighting. Two brand new 1 bed/1 bath ADUs just completed atthe rear of the property separated by a new turf courtyard. ADUs include mini-split AC units, in-unit laundry hookups, open concept kitchen/livingareas, stainless steel appliances, high grade cabinets, quartz countertops, and full-sized bathrooms. Parking for 3-4 cars in the rear of the property.
Exterior Features

Entry Level 1 Entry Location 1 Lot Features Rectangular Lot Number Of Separate Electric Meters 8 Parking Total 0 Pool Features None Pool Private YN No Property Attached YN Yes

Interior Features

Common Walls 2+ Common Walls

Property Features

Additional Parcels YN No Cap Rate 6.2 Common Interest Community Apartment Community Features Urban Electric Expense 854 Fuel Expense 854 Garage YN No Gross Income 202560 Gross Scheduled Income 200460 Insurance Expense 8946 Land Lease YN No Laundry Features Inside Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms Cash to Existing Loan Net Operating Income 132842 New Construction YN No Number Of Separate Gas Meters 8 Number Of Separate Water Meters 1 Operating Expense 59695 Property Sub Type Apartment Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays ElectricityGas Trash Expense 428 Water Sewer Expense 428 Water Source Public Zoning LBR2N



Based on information from California Regional Multiple Listing Service, Inc. as of 2025-02-06T12:31:14.15. 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 deemed reliable but is not guaranteed accurate by the MLS or Team Tami | Palm Realty Boutique. Licensed in the State of California, USA.
 
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Team Tami | Palm Realty Boutique
323 Culver Blvd.
Playa del Rey CA, 90293
Listing Agent(s): Anthony Walker of Buckingham Investments, Inc (310 982-7055) and Josh Ess of ()