920 N Park, Long Beach, CA, CA 90813
- $1,595,000
- List Price
- $1,595,000
- Status
- ACTIVE
- MLS#
- SB26199827
- County
- Los Angeles
- Year Built
- 1923
- Building Square Feet
- 4,840
- Square Feet
- 7,316
- Days on Market
- 3
- Property Type
- Multifamily
Property Description
This clean, well-maintained property presents a great opportunity for those looking to own a stable asset that is east to manage and operate. Located directly across from Drake Park in Long Beach's historic Drake Park/Wilmore City neighborhood, there are 6 large units within 2 structures on a 7,316sqft lot with 5 garages. Priced at a 10.99 GRM and 6.0% cap rate, the property offers immediate upside with 5 of 6 units eligible for rent increases, plus long-term value-add potential via 5 single-car garages that may allow for future ADU conversion. 5 of 6 units tastefully renovated in 2021 and recent capital improvements include new exterior stairs, new water heaters in 4 of 6 units, and upgraded breakers/subpanels. The lot features a charming central courtyard, and it's located across the street from the Historic Drake Park with proximity to over $8 billion in ongoing and planned development near Downtown Long Beach and the Waterfront. This is a great deal for all investors, especially those that need the end of the year tax shelter benefits and/or those currently in a 1031 exchange.
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Additional Information
- Parcel Number
- 7271022018
- Rent Control
- Yes
- Gross Scheduled Income
- $142,898
- Operating Expense
- 41971
- Net Operating Income
- $96,026
- Number of Buildings
- 2
- Lot Features
- 6-10 Units/Acre, Back Yard
- Garage Spaces Total
- 5
- Sewer
- Public Sewer
- Water
- Public
- Community Features
- Park, Street Lights, Suburban, Sidewalks
Listing courtesy of Listing Agent: Kristen Mussenden (krissy.m@buckinghaminvestments.com) from Listing Office: Buckingham Investments, Inc.
Mortgage Calculator
Based on information from California Regional Multiple Listing Service, Inc. as of . 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.