Long Beach, CA 90804,907 927 Grand AVE
Long Beach, CA 90804,907 927 Grand AVE
Long Beach, CA 90804,907 927 Grand AVE
Long Beach, CA 90804,907 927 Grand AVE
Long Beach, CA 90804,907 927 Grand AVE
Long Beach, CA 90804,907 927 Grand AVE
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$4,375,000

$4,375,000

Est.Price: ?

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Est. payment /mo

0.28 Acres Lot


SOLD DATE : 12/16/2021

Key Details

Sold Price $4,375,000

Property Type Multi-Family

Listing Status Sold

Purchase Type For Sale

Subdivision Eastside (Es)

MLS Listing ID PW21178294

Sold Date 12/16/21

HOA Y/N No

Year Built 1963

Lot Size 0.280 Acres

Property Description

907-927 Grand Avenue is a 13-unit investment asset located in the popular Eastside Long Beach rental market. Situated on two parcels, the property is comprised of three separate structures featuring a favorable mix of seven 2BD / 1BA and six 1BD / 1BA units. The property has been extensively renovated. Unit interior renovations totaling over $340,000 include: New vinyl plank flooring & custom bathroom tile, Modern designer cabinets & countertops, New appliances, New energy-efficient LED lighting, New upgraded electrical sub-panels in-unit. POTENTIAL TO BUILD 2 ADUs. The property offers onsite laundry facilities and eight garages. Four of the garages are in a stand-alone structure and have the capacity to be converted to two ADUs of approximately 350 square feet each. The addition of these two ADUs has the potential to add $1,500 rental income per unit per month, for a total combined income of $36,000 annually. PRIME EASTSIDE LOCATION. Located in prime Eastside Long Beach, which has a Walk Score of 91, the property provides tenants with convenient, walkable access to all amenities for day-to-day living. The neighborhood is ranked as one of the best neighborhoods in Long Beach for young professionals by Niche.com. The median household income is $118,600 and 31% of residents are families with children. The seller's renovations and management provide a new buyer with a solid investment at 4.25% cap rate on actuals.

Location

State CA

County Los Angeles

Area 3 - Eastside, Circle Area

Zoning LBR3S

Interior

Fireplace No

Laundry Outside

Exterior

Parking Features Garage

Garage Spaces 8.0

Garage Description 8.0

Pool None

Community Features Urban

Total Parking Spaces 8

Private Pool No

Building

Lot Description Item1115UnitsAcre

Story 2

Entry Level Two

Sewer PublicSewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 7254015025

Energy Description 1325.0

Acceptable Financing Cash, CashtoNewLoan, Item1031Exchange

Listing Terms Cash, CashtoNewLoan, Item1031Exchange

Financing CashtoNewLoan,CashtoSecondLoan,Contract

Special Listing Condition Standard

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California Regional MLS (CRMLS)
Listed by Robert Stepp • Keller Williams - Santa Monica
Bought with Robert Stepp • Keller Williams - Santa Monica
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6 Jenner, Unit # 250, Irvine, CA, 92618

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