6.18% CAP RATE! Newer 1971 build. This 16 unit Pride of Ownershipasset is located in the highly coveted eastside of Long Beach.Property not only is being offered at an amazing 6.18% cap rateand a 10.5 GRM, but also comes with 9 Garages and 10 additionalexterior parking spaces for a total of 19 parking.1133 Freeman has a very desirable unit mx consisting of (6)2Bed+1Bath, (8) 1Bed+1Bath and (2) Studio+1Bath units. Anadditional four 2 bedroom and 2 bathroom ADU's can be built inthe garages for approximately $600K while still maintaining 16exterior parking spaces on the site. The 4 additional ADU's willbring in $2600 a month each or $124,800 annually for a value of a4.8 GRM or a 20% return annually.The tax accessor has allocated 81% of the assets value to theimprovements giving a buyer a significant depreciation schedule(Most buildings are 50/50). This will be a further help for a buyeras they can currently collect 60% bonus depreciation and likely100% retroactively if the current tax relief bill gets finalized on thesenate floor.All units are separately metered for gas and electric and propertyis impeccably maintained. This property has the best current caprate, price per foot, price per door GRM combo available on themarket. With upside to over a 10.5% CAP rate this property truly isthe best building you can buy right now and is perfect for any typeof investor.CALL FOR OFFERS 8/14 5pmAll offers will have a chance to tour the asset the week of August5th.
|
DAYS ON MARKET
|
112
|
LAST UPDATED
|
10/16/2024
|
|
YEAR BUILT
|
1971
|
COMMUNITY
|
Eastside, Circle Area
|
|
GARAGE SPACES
|
9.0
|
COUNTY
|
Los Angeles
|
|
STATUS
|
Conditional
|
PROPERTY TYPE(S)
|
Residential Income
|
| AREA |
Eastside, Circle Area |
| GARAGE |
Yes |
| LOT |
0.29 acre(s) |
| LOT DESCRIPTION |
0-1 Unit/Acre |
| POOL DESCRIPTION |
None |
| SEWER |
Public Sewer |
| STORIES |
2 |
| WATER |
Public |
| ZONING |
LBR2N |
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Listed with Lyon Stahl Investment Real Estate, Inc.
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 11/25/24 7:30 AM PST 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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