1133 Freeman Avenue
Long Beach, CA 90804
0.29 acres | #SB24158172
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.
Property Details
- Lot DescriptionZeroToOneUnitAcre
- Stories2
Measurements
- Acres0.2916
Parking
- Parking Spaces9
Construction Details
- Property TypeMulti-Family
Condition
- Year Built1971
Utilities / Energy Details
- Sewer InformationPublicSewer
- Utility SourcePublic
Community and Neighborhood Details
- CountyLos Angeles
Financial Details
- Original List Price$3,300,000
Other
- MLS #SB24158172
Location
Legal
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Based on information from California Regional Multiple Listing Service, Inc. as of the most recent time synced and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
Last Updated: . Source: CRMLS
Listing Courtesy
Listing Agent: Cameron Samimi (#SBSAMICAM)
Listing Office: Lyon Stahl Investment Real Estate, Inc. (#sb1310620)
Note: The results shown are estimates only and do not include all factors. Speak with a licensed agent or loan provider for exact details. This tool is sourced from CloseHack.
