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Listed by Erik Ransdell, DRE #02077589 • Erik Michael Ransdell, Broker
$ 2,400,000
Est. payment /mo
New
1005 E Harding ST Long Beach, CA 90805
8,415 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRPW26180082
Year Built 1947
Lot Size 8,415 Sqft
Source California Regional MLS
Property Description
Pleased to present 1005 East Harding Street, a well-maintained 10-unit apartment community in Long Beach's desirable North Long Beach submarket. The property features a strong unit mix of three 1-bedroom/1-bath units, six 2-bedroom/1-bath units, and one spacious 3-bedroom/1-bath unit with a fireplace, generating $20,741 per month in gross scheduled rent with additional income from four garages and on-site laundry. The property is fully all-electric with no gas. Current ownership has invested approximately $200,000 in capital improvements including updated kitchens, bathrooms, plumbing, laminate flooring in select units, and a completely new electrical system throughout the property - significantly reducing the capital expenditure burden for a new investor. SB 721 balcony inspections have been completed and approved with the City of Long Beach, eliminating a common compliance concern for buyers of properties built before 2000. The property delivers a 6.14% cap rate on current income with a clear path to a 7.03% proforma cap rate through maximum allowable rent increases under AB 1482. This is an investment opportunity for a buyer seeking stable cash flow with built-in upside through strategic management.
Location
State CA
County Los Angeles
Area 7 - North Long Beach
Interior
Heating Electric
Laundry Laundry Area
Exterior
Garage Spaces 4.0
Pool None
View Local/Neighborhood
Building
Water District - Public
Others
Tax ID 7115023025
Special Listing Condition Not Applicable
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