Prime 5-Unit Multifamily Investment Opportunity in Long BeachIntroducing 826 Rose Ave, a fully renovated triplex in the heart of Long Beach. This property is currently generating $6,185 per month in rental income ($78,600 annually) and provides immediate returns with approved expansion potential through two additional ADU units.Expansion Opportunity with Fully Permitted ADU Plans:The property includes fully permitted, shovel-ready plans for two new ADU units (each a 2-bed, 2-bath, 2-story design), converting this triplex into a 5-unit multifamily property with a proforma annual cash flow of $140,220 upon completion and an estimated cap rate of 6.07%.Property Highlights:Current Units: 3 fully renovated units, fully occupied, generating $6,185 monthly rental income ($78,600 annually)Unit Breakdown: 1 one-bedroom, one-bath; 2 two-bedroom, one-bath unitsFuture Expansion: Fully permitted plans for two new ADU units, adding 1,584 sq. ft. of living spaceConstruction Ready: Selected contractor with a 6-8 month build timeline and estimated build cost of $434,000Investment Potential: After expansion, the property will feature 5 units, with a projected ARV of $2.4M to $2.6M, proforma annual cash flow of $140,220, and a cap rate of 6.07%Prime Location: Situated in a vibrant Long Beach neighborhood, near schools, parks, dining, and the beachThis property offers a rare opportunity to acquire a high-performing asset with substantial upside potential. Whether you’re an experienced investor or looking to expand your portfolio, 826 Rose Ave is an opportunity worth exploring.
|
DAYS ON MARKET
|
1
|
LAST UPDATED
|
10/31/2024
|
|
TRACT
|
,North Alamitos Beach
|
YEAR BUILT
|
1923
|
|
COMMUNITY
|
Downtown Area, Alamitos Beach
|
GARAGE SPACES
|
3.0
|
|
COUNTY
|
Los Angeles
|
STATUS
|
Active
|
|
PROPERTY TYPE(S)
|
Residential Income
|
|
|
| ADULT COMMUNITY |
Yes |
| APPLIANCES |
Dryer, Washer |
| AREA |
Downtown Area, Alamitos Beach |
| GARAGE |
Assigned, Yes |
| LOT |
5905 sq ft |
| LOT DESCRIPTION |
2-5 Units/Acre, Near Public Transit, Value In Land |
| PARKING |
Assigned |
| POOL DESCRIPTION |
None |
| SEWER |
Public Sewer |
| STORIES |
2 |
| STYLE |
Spanish |
| SUBDIVISION |
,North Alamitos Beach |
| VIEW DESCRIPTION |
None |
| WATER |
Public |
| ZONING |
LBR2N |
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Listed with Coldwell Banker Platinum Prop
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. as of 10/31/24 7:35 PM PDT and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
This IDX solution is (c) Diverse Solutions 2024.
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