477 E South Street

Long Beach, CA 90805

PRICE REDUCED

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-$410,000 (-9.32%)

$3,990,000

List Price

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1961

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Property Description

Invest in Long Beach near Bixby Knolls and own this updated 16-unit apartment community. Composed of a desirable unit mix of all 2-bed, 1-bath units across two buildings with a courtyard in between, this property boasts a scheduled CAP rate of 5.58% at 100% occupancy. One unit is currently vacant. Fourteen of 15 existing leases are month-to-month. Five of the 16 units are newly renovated (2024) with updated plumbing, paint, flooring and kitchen finishes. Two of these five units also feature upgraded bathrooms and lighting throughout. More 2024 building updates include all new electrical panels, and new water lines to 8 of the 16 units. A community laundry room provides additional income. This apartment building is located near Atlantic Avenue restaurants and shops, the new KB Homes mixed-use development Rhythm (under construction), and easy access to the 91, 710 and 405 freeways.

Listing Information

List Price $3,990,000
Status Active
MLS PTP2407021
HOA $0
Type Residential Income
Year Built 1961
Lot Size 10,429
Structure Size N/A
DOM 91
Courtesy Of eXp Realty of California, Inc.
Listing Agent Jeff Kim DRE#01959539
Co-Listing Agent Jessica Appley DRE#02091500

Interior Features

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Maps

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Listing information courtesy of: Jeff Kim, Jessica Appley, eXp Realty of California, Inc. 619-948-3112. *Based on information from the Association of REALTORS/Multiple Listing as of Feb 14th, 2025 at 9:19 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. 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.