1155 Orizaba Avenue, Long Beach, CA 90804

Property Description

Well maintained two story 9 unit apartment building built in 1987 with excellent curb appeal on a quiet tree lined street. This Eastside/Zaferia location is great, as it is close to many of the hip restaurants, coffee shops and retail stores on 4th Street, and Anaheim Street to the North with Urban Americana Antiques, Long Beach Thai, Joe Jost’s, Los Compadres, Bamboo Club, Selva with Long Beach Playhouse and Recreation Park just to the east. A new roof was installed in August of 2017 as well as new stucco, paint and drought resistant landscape for low maintenance. Excellent unit mix of 8 – 2 bedroom 2 bath units with gas fireplaces and some balconies and 1 – 1 bedroom 1 bath unit. Several of the units (202, 204, 303, 304) were remodeled by the current owner and the building is 100% occupied. Most of the units are 20% to 35% below current market rents. Secured parking garage with a total of 14 spaces. There is also a laundry room that is currently not in use and can potentially generate additional income. Tenants pay gas and electric utilities and trash service is provided by the City of Long Beach resulting in very low operating expenses. There is a very attractive assumable CHASE loan with a balance of $1,525,000 with a 3.12% interest rate fixed through 9/1/2026. Current monthly payments are $6,828 ($2,861 principal and $3,967 interest).