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531 W 5th Street

Long Beach, CA 90802
  • $1,250,000
  • STATUS: Active Under Contract
  • ON SITE: 15 Days
  • ID#: NP24025759
Under Contract
UPDATED: 20 min ago
$1,250,000
  • 0
    BEDS
  • 0.17
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Type:
Multi-Family
Built:
1905
County:

School Ratings & Info

Listing Agent(s): Kacey Taormina of Compass (949-438-4340) and Michael Bouras of Compass(949-438-4340)


Description

531 W 5th Street is a 7-unit apartment complex located in Los Angeles Countys rapidly growing Long Beach Market. Consisting of (1) detached 3 bedroom/ 1 bath home and (6) Studios with full kitchens and large baths. The property features 4 newly constructed garages with three storage units and (1) 2 car garage. Offering an investor the opportunity to acquire a true value-add asset with over 54% in rental upside. All tenants are on month-to-month leases. Access to commuting freeways and core job markets continues to make this location irreplaceable. A future investor will enjoy long-term upside with this asset, due to a continued shortage of apartment housing and lack of affordability in single-family homes in Southern California.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-02-23T20:34:57.17. 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 Brianna Miller | Synergy Real Estate. Licensed in the State of California, USA.
www.briannasellshomes.com/homes/147348818
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531 W 5th Street Long Beach, CA 90802

  • Price: $1,250,000
  • Status: Active Under Contract
  • On Site: 15 Days
  • Updated: 20 min ago
  • ID#: NP24025759
0
Beds
0
Baths
0
½ Baths
0.17
Acres
1905
Built
Neighborhood:
4 - Downtown Area, Alamitos Beach
County:
Los Angeles
Area:
4 - Downtown Area, Alamitos Beach
Property Description
531 W 5th Street is a 7-unit apartment complex located in Los Angeles Countys rapidly growing Long Beach Market. Consisting of (1) detached 3 bedroom/ 1 bath home and (6) Studios with full kitchens and large baths. The property features 4 newly constructed garages with three storage units and (1) 2 car garage. Offering an investor the opportunity to acquire a true value-add asset with over 54% in rental upside. All tenants are on month-to-month leases. Access to commuting freeways and core job markets continues to make this location irreplaceable. A future investor will enjoy long-term upside with this asset, due to a continued shortage of apartment housing and lack of affordability in single-family homes in Southern California.
Exterior Features

Entry Level 1 Entry Location First Level Lot Features Front Yard Number Of Separate Electric Meters 7 Parking Total 5 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 4.66 Common Interest None Community Features CurbsSidewalks Electric Expense 3799 Fuel Expense 1965 Garage YN Yes Gross Income 96000 Gross Scheduled Income 93120 Insurance Expense 2173 Land Lease YN No Laundry Features None Levels One Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash to New LoanConventional1031 Exchange Net Operating Income 60453 New Construction YN No Number Of Separate Gas Meters 7 Number Of Separate Water Meters 1 Operating Expense 34840 Property Sub Type Mixed Use Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays None Trash Expense 5064 Water Sewer Expense 5618 Water Source Public Zoning LBPD30



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-02-23T20:34:57.17. 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 Brianna Miller | Synergy Real Estate. Licensed in the State of California, USA.
 
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Brianna Miller | Synergy Real Estate
140 N. Harvard Avenue #341
Claremont CA, 91711
Listing Agent(s): Kacey Taormina of Compass (949-438-4340) and Michael Bouras of Compass(949-438-4340)