Long Beach, CA 90813,515 W 8th ST
Long Beach, CA 90813,515 W 8th ST
Long Beach, CA 90813,515 W 8th ST
$687,500
Est. payment /mo
Est.Price: ?

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1,742 Sqft Lot
SOLD DATE : 10/16/2019

Key Details

Sold Price $687,500

Property Type Multi-Family

Listing Status Sold

Purchase Type For Sale

Subdivision Willmore District (Wm)

MLS Listing ID SB19202951

Year Built 1922

Lot Size 1,742 Sqft

Property Description

Turnkey opportunity! This clean and well-maintained triplex is currently performing at 13.2 GRM, with a 5.4% Cap Rate - cash flowing and outperforming the local market! The property consists of three large 1bed/1bath units, one 1car garage, and a community laundry room. Each unit is in great condition, offers a functional layout, and is separately metered for gas and electricity. The first floor unit has a larger bonus room, which adds value for the tenants and increases rent. The building is in great condition with recent improvements made, adding plenty of value for the new owner. Long Beach's first designated historic district, Willmore City / Drake Park Historic District, is a community rich in history, character, and charm. This dense rental market is perfect for investors who enjoy low vacancy rates, high market rental rates, and strong long-term appreciation. Close proximity to Downtown Long Beach provides maximum accessibility, with plenty of public transportation, freeway access, and a high walk score. The beach, parks, and other community amenities/ attractions like the Queen Marry and Aquarium are just minutes away! Long Beach is resurging due to hundreds of millions of dollars invested in private and public developments, a growing local economy with strong employment, and the increasing demand to "live, work, and play" in this remarkable community. This easy to own asset is a great addition to any portfolio!

Location

State CA

County Los Angeles

Area 4 - Downtown Area, Alamitos Beach

Zoning LBPD10

Interior

Heating Wall Furnace

Cooling None

Fireplaces Type None

Laundry Common Area

Exterior

Garage Spaces 1.0

Garage Description 1.0

Pool None

Community Features Biking, Curbs, Dog Park, Golf, Street Lights, Sidewalks, Water Sports, Park

Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected

Building

Lot Description Near Park, Near Public Transit

Story 2

Sewer Public Sewer

Water Public

New Construction No

Others

Acceptable Financing Cash, Cash to New Loan

Listing Terms Cash, Cash to New Loan

Special Listing Condition Standard

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California Regional MLS (CRMLS)
Listed by Matthew Mahowald • Buckingham Investments, Inc
Bought with David Rosenfeld • Advantage Real Estate

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Paul Ward

+1(805) 479-5004

Broker Associate | License ID: 01354001

Broker Associate License ID: 01354001

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