348 Cerritos Avenue, Long Beach, CA 90802

$2,650,000
List Price
$2,650,000
Price Change
▼ $50,000 1654756028
Status
PENDING
MLS#
PW22102011
Year Built
1963
Lot Size
6,252
Acres
0.1435
Lot Location
StreetLevel
Days on Market
23
Property Type
Multifamily
Stories
Two Levels
Neighborhood
Downtown (Dt)

Property Description

Well kept 8 unit apartment building built in 1963 in great Downtown rental area. 7 two bedroom/one bath units and 1 two/two bath unit. Many long term tenants with lower than market rents. Current rents average $1,592 ($12,732 per month) with scheduled rent increase on 8/1/22 to $1,645 ($13,155 per month). Current market rents average $2,395 per month ($19,160 per month) based on RentOmeter market analysis. Seller is in a 1031 exchange and motivated to sell.

Additional Information

Pool Description
None
Garage Spaces Total
4
Sewer
Public Sewer
Water
Public
Attached Structure
Detached
Number Of Units Total
8
Gross Scheduled Income
$163,081
Operating Expense
65232

Mortgage Calculator

Amount of Loan
Annual Interest Rate
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Term of Loan
Years

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Please consult a financial professional.
Calculator source: Real Geeks

Listing courtesy of Listing Agent: W. Kurt Wood from Listing Office: Belmont Brokerage & Mgmt. INC.

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.