486 E Adair Street, Long Beach, CA 90805

$1,425,000
List Price
$1,425,000
Price Change
▼ $25,000 1669971835
Status
ACTIVE
MLS#
PW22211363
Year Built
1939
Lot Size
6,087
Acres
0.14
Lot Location
Item25UnitsAcre, Corner Lot, Landscaped
Days on Market
67
Property Type
Multifamily
Property Sub Type
Quadruplex
Stories
One Level
Neighborhood
North Long Beach (Nlb)

Property Description

We are pleased to present 486 E Adair St, a (4) unit multi-family building in Long Beach, CA. This quadruplex sits on a 6,087 SF corner lot well-positioned in the vastly appreciating North Long Beach submarket. The building features unit mix of (1) 3 Bed/1 Bath unit and (3) 1 Bed/1 Bath units stretching across 2,800+/- rentable square feet. With a CAP Rate of 5.34% and a GRM of 13.46 on current rents, this stabilized asset offers tremendous opportunity for 1031 exchange buyers looking to increase their cash flow on Day 1. The building is in excellent condition and all (4) units have been extensively remodeled with professional grade finishes. In addition, the gated entry ensures secured access to the property and each tenant is offered (1) assigned parking space within the premises. With a walk score of (73), the property is located within close proximity to many retail, dining, and entertainment options that greatly benefit the tenant mix. Further, a substantial portion of the rental income is strategically secured through Section 8 vouchers, so the uncertainty of future rent moratoriums will significantly reduce the likelihood of lost revenue.

Additional Information

Appliances
Dryer, Washer
Pool Description
None
Sewer
Public Sewer
Water
Public
Attached Structure
Attached
Number Of Units Total
4
Gross Scheduled Income
$102,372
Operating Expense
24959

Listing courtesy of Listing Agent: Daniel Hopkins (daniel.hopkins@lyonstahl.com) from Listing Office: Lyon Stahl Investment Real Est.

Mortgage Calculator

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Calculator source: Real Geeks

Based on information from California Regional Multiple Listing Service, Inc. as of . 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.