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Listed by Parker Boehle • NorthMarq Realty Services, Inc
$ 3,799,999
Est. payment /mo
Active
1701 E. Ocean Boulevard Long Beach, CA 90802
8,388 SqFt
UPDATED:
12/16/2024 06:45 PM
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 8,388 sqft
Price per Sqft $453
MLS Listing ID OC-24244770
Year Built 1958
Lot Size 6,753 Sqft
Property Description
Assumable Loan Available at only 3.81%! Located in the heart of Alamitos Beach, just steps away from the iconic shoreline, 1701 E. Ocean Blvd. offers an ideal opportunity to acquire a Corner Lot, 9-unit Trophy property in one of Long Beach's most coveted neighborhoods. This Legacy property is operating at a strong 5.19% Cap Rate and 12.72 GRM! The Ocean Blvd. apartments have been extremely well maintained and upgraded by ownership. In recent years, the building has had major renovations to both the plumbing and roof. Inside, units feature built-in cabinetry, new quartz countertops, vintage crown molding, hardwood flooring, and large dining rooms with arched walkways that highlight the building's timeless charm. Tenants enjoy the luxury of being just minutes from some of Long Beach's most desirable locations, including the Pike Outlets, Retro Row, Second Street, Bixby Park, and the prospering Downtown Long Beach! Totaling just under 8,400 Sq.Ft., the property includes an exceptional unit mix of (1) Two-Bedroom/Two-Bath (~1,200 Sq.Ft.), (4) Two-Bedroom/One-Bath units (~1,100 Sq.Ft.), and (4) One-Bedroom/One-Bath units (~700 Sq.Ft.). Each unit offers ample closet and storage space, and select units offer washer/dryer hookups and private patios! There is a community laundry room on-site, offering additional convenience. There are a total of (8) parking spaces, including (5) garages and (3) tandem spots for tenants. These spaces could also be viewed as a potential ADU, being on the back corner of the lot. With four units being delivered vacant and an assumable loan at only 3.81% through Aug. 2028, this is an incredibly rare opportunity to cash flow on one of Long Beach's most sought-after streets! Whether you are looking for stable cash flow or a property with long-term appreciation potential, this property is a rare find in today's market!
Location
State CA
County Los Angeles
Zoning LBR4R
Interior
Laundry Common Area, Electric Dryer Hookup, Washer Hookup
Exterior
Parking Features Gated
Garage Spaces 5.0
Pool None
Community Features Biking, Curbs, Dog Park, Golf, Gutters, Sidewalks, Street Lights
Building
Lot Description 0-1 Unit/Acre
Sewer Public Sewer