245 Temple Avenue, Long Beach, CA 90803

$3,085,000
List Price
$3,085,000
Status
ACTIVE
MLS#
SB24139203
Year Built
1973
Lot Size
7,235
Acres
0.17
Lot Location
6-10 Units/Acre
Days on Market
3
Property Type
Multifamily
Property Sub Type
Apartment
Stories
Two Levels
Neighborhood
Bluff Park (Blf)

Property Description

245 Temple Avenue in Long Beach is located in the highly desirable rental area of the Historic Bluff Heights neighborhood! Built in 1973, this is a SWEET 8-unit building! Where the community meets small businesses in a neighborhood setting. Just steps away from restaurants, cafes, and unique small businesses, plus just a couple blocks to the beach and expansive walking/ bike paths. The area is a dream! Close enough to Downtown LB festivities and 2nd Street, but far enough to have a sense of neighbors and peace that this area provides! There is a work-life balance feeling on Temple. It is a rare opportunity to acquire an asset with an attractive current cap rate estimated at 5.25% and a GRM of 14.4. This property shines with a substantial value-add for growth with the potential to have 6%+ cap rate by 2025. There is room to flourish with this investment, and some of the ways include completion of interior renovations (4 of 4 near complete) with a very realistic upside. Don’t forget the Olympics are coming to town, and this apartment building is in the RIGHT spot to get to all the activities! This apartment building has a lot of growth opportunities!

Additional Information

Appliances
Disposal, Gas Range, Water Heater
Pool Description
None
Heat
Wall Furnace
View
None
Roof
Shingle
Garage Spaces Total
4
Sewer
Public Sewer
Water
Public
Attached Structure
Attached
Number Of Units Total
8
Gross Scheduled Income
$213,044
Operating Expense
51542

Listing courtesy of Listing Agent: Tamas Batyi (tamasbatyigroup@gmail.com) from Listing Office: Compass.

Mortgage Calculator

Amount of Loan
Annual Interest Rate
%
Term of Loan
Years

Does not include any taxes or fees.
Please consult a financial professional.
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.