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    2325 N Earl Avenue

    Long Beach, CA 90806
    • $1,410,000
    • STATUS: Active
    • ON SITE: 82 days
    • ID#: PW21037559
    Price Reduced
    UPDATED: 19 min ago
    $1,410,000
    • 0
      BEDS
    • 0.12
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 4,666
      SQFT
    • $302
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1964
    County:

    School Ratings & Info

    Description

    We are proud to offer a 5-unit apartment building in the Wrigley Area of Long Beach California. The subject property is located at 2325 Earl Avenue, just two blocks East of Pacific Avenue. and three blocks South of Willow Avenue. Located within close proximity to numerous forms of public transportation, a strong Walk Score of 86 indicating most errands can be accomplished by foot. This unit mix consists all two bedrooms/ one-bathroom units that offer a range of floor plans and square footages. Built in 1964, this property is a two-story garden style building with four enclosed garages in the rear. With approximately 4,666 rentable square feet, and a lot size of 5,325 sq. ft. the property is individually metered for gas and electricity. The income on the property has been very consistent with a sub 3% vacancy rate and very little to no turnover over the past 24 months. Rents have been averaging $1.84 sq.ft. over the past year, but with some interior improvements, and an upcoming vacancy, the rents can be over elevated to over $2 sq.ft. in todays rental market. With rents 15% below market, an investor looking to "add value could dramatically improve their cash flow by upgrading the units, bumping rents up to market rate, activating the garages for additional income and thus making this acquisition a valuable addition to any investors portfolio.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-05-17T11:31:50.617. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Bhagat Group. Licensed in the State of California, USA.
    www.propertycove.com/homes/114451209
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    2325 N Earl Avenue Long Beach, CA 90806

    • Price: $1,410,000
    • Status: Active
    • Updated: 19 min ago
    • ID#: PW21037559
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.12
    Acres
    4,666
    SQFT
    $302
    $/SQFT
    1964
    Built
    Neighborhood:
    Wrigley Area (Wr)
    County:
    Los Angeles
    Area:
    5 - Wrigley Area
    Property Description
    We are proud to offer a 5-unit apartment building in the Wrigley Area of Long Beach California. The subject property is located at 2325 Earl Avenue, just two blocks East of Pacific Avenue. and three blocks South of Willow Avenue. Located within close proximity to numerous forms of public transportation, a strong Walk Score of 86 indicating most errands can be accomplished by foot. This unit mix consists all two bedrooms/ one-bathroom units that offer a range of floor plans and square footages. Built in 1964, this property is a two-story garden style building with four enclosed garages in the rear. With approximately 4,666 rentable square feet, and a lot size of 5,325 sq. ft. the property is individually metered for gas and electricity. The income on the property has been very consistent with a sub 3% vacancy rate and very little to no turnover over the past 24 months. Rents have been averaging $1.84 sq.ft. over the past year, but with some interior improvements, and an upcoming vacancy, the rents can be over elevated to over $2 sq.ft. in todays rental market. With rents 15% below market, an investor looking to "add value could dramatically improve their cash flow by upgrading the units, bumping rents up to market rate, activating the garages for additional income and thus making this acquisition a valuable addition to any investors portfolio.
    Exterior Features

    Construction Materials Stucco Fencing Good Condition Foundation Details Concrete PerimeterRaised Lot Features 2-5 Units/Acre Number Of Separate Electric Meters 6 Parking Features Assigned Parking Total 4 Pool Features None Pool Private YN No Property Attached YN Yes Road Surface Type Paved Roof Shingle Spa Features None Spa YN No

    Interior Features

    Appliances DisposalGas OvenGas RangeRefrigerator Common Walls 2+ Common Walls Cooling None Cooling YN No Door Features Sliding Doors Fireplace Features ElectricGas Fireplace YN Yes Flooring Carpet Heating Wall Furnace Heating YN Yes Interior Features Balcony

    Property Features

    Additional Parcels YN No Association Fee 0 Association YN No Cap Rate 4.65 Common Interest Community Apartment Community Features BikingCurbsDog ParkSidewalks Electric Expense 0 Fuel Expense 0 Garage YN Yes Gross Income 0 Gross Scheduled Income 103908 Insurance Expense 2100 Land Lease YN No Laundry Features Common Area Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms 1031 Exchange Maintenance Expense 3250 Net Operating Income 68577 New Construction YN No New Taxes Expense 16594 Number Of Separate Gas Meters 6 Number Of Separate Water Meters 1 Number Of Units Leased 4 Operating Expense 32214 Possession Close Of Escrow Property Sub Type Apartment Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays All UtilitiesCable TvElectricityGas Total Actual Rent 8659 Trash Expense 0 Utilities Cable AvailableElectricity AvailableNatural Gas AvailablePhone AvailableSewer ConnectedWater Connected Vacancy Allowance Rate 3 Water Sewer Expense 4000 Water Source Public Zoning Lbr1n

    Listing provided courtesy of Justin White of Justin White


    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-05-17T11:31:50.617. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Bhagat Group. Licensed in the State of California, USA.
     
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    The Bhagat Group
    22939 Hawthorne Blvd, Suite 203
    Torrance CA, 90505