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$ 4,995,000
Est. payment | /mo
2 Beds
1 Bath
0.3 Acres Lot
$ 4,995,000
Est. payment | /mo
2 Beds
1 Bath
0.3 Acres Lot
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID PW26223076
Bedrooms 2
Lot Size 0.297 Acres
Property Sub-Type Res Income 2-4 Units
Property Description
2500-06 East Spaulding Street is an updated 18-unit apartment property in Zaferia, a largely built-out submarket of East Long Beach. Built in 1962, the two-building, 14,866-square-foot property is offered at $4,995,000, or $277,500 per unit and $336 per square foot. All 18 units are updated two-bedroom, one-bath floor plans, and the building has fresh two-tone exterior paint and a central courtyard. In-place rents of $37,871 per month carry a 6.2% capitalization rate on $307,432 of net operating income, and the $40,500 per month the unit mix supports at market takes net operating income to $333,657 and the return to 6.7%. Eight enclosed garages, eight open parking spaces and two onsite laundry rooms give the building amenity depth uncommon at this size. RUBS, parking and pet income add $1,790 per month in ancillary revenue. Each unit is individually metered for electricity, giving residents direct control over utility costs and holding the owner-paid expense load down. Gated keypad access adds security and supports longterm tenant retention. Interiors feature stainless steel appliances, wood-look plank flooring, and ceiling fans, finishes that support durable occupancy and continued rent growth in one of Long Beachs most walkable neighborhoods.
Location
State CA
County Los Angeles
Zoning Public Rec
Direction Driving West on PCH, Turn Left Onto Junipero Ave., Turn Left Onto E. Spaulding St., Property Will be on Your Right
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 7260019020
Acceptable Financing Conventional
Listing Terms Conventional
Listed by Christopher Walker, DRE#01905338 Triqor Group
Nearby Locations
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Keegan Wetzel
Founder | Naval Academy | OIF Veteran License ID: 02153342