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Listed by Kristen Mussenden, DRE #02096276 • Buckingham Investments, Inc
$ 1,595,000
Est. payment /mo
Active
920 N PARK Long Beach, CA 90813
7,316 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRSB26199827
Year Built 1923
Lot Size 7,316 Sqft
Source California Regional MLS
Property Description
This clean, well-maintained property presents a great opportunity for those looking to own a stable asset that is east to manage and operate. Located directly across from Drake Park in Long Beach's historic Drake Park/Wilmore City neighborhood, there are 6 large units within 2 structures on a 7,316sqft lot with 5 garages. Priced at a 10.99 GRM and 6.0% cap rate, the property offers immediate upside with 5 of 6 units eligible for rent increases, plus long-term value-add potential via 5 single-car garages that may allow for future ADU conversion. 5 of 6 units tastefully renovated in 2021 and recent capital improvements include new exterior stairs, new water heaters in 4 of 6 units, and upgraded breakers/subpanels. The lot features a charming central courtyard, and it's located across the street from the Historic Drake Park with proximity to over $8 billion in ongoing and planned development near Downtown Long Beach and the Waterfront. This is a great deal for all investors, especially those that need the end of the year tax shelter benefits and/or those currently in a 1031 exchange.
Location
State CA
County Los Angeles
Area 699 - Not Defined
Interior
Laundry Laundry Area
Exterior
Garage Spaces 5.0
Pool None
Building
Water District - Public
Others
Tax ID 7271022018
Special Listing Condition Not Applicable
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