1030 Myrtle AVE Active Save Request In-Person Tour Request Virtual Tour
Long Beach,CA 90813
Key Details
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Active
Purchase Type For Sale
Subdivision Lincoln
MLS Listing ID SB25042498
Construction Status Repairs Cosmetic
HOA Y/N No
Year Built 2005
Lot Size 6,534 Sqft
Property Sub-Type Quadruplex
Property Description
2005 construction and just outside of downtown Long Beach, this quadruplex has three large 3 bedroom 1 bathroom apartments, and one 1 bedroom 1 bathroom apartment. The strong income in place has this building at a GRM of 13.3X and a cap rate of 4.2%, and there is approximately 15% upside in the rents. The building features onsite laundry in select units, a large 2 car garage for each unit with extra parking on the driveway, and is separately metered for gas and electricity. There is a path to substantial upside via the conversion of some of the 8 garage spots to ADUs, as well as offsetting some of the expenses through the use of RUBS.
The building is just 3 blocks North of Downtown Long Beach, with ongoing new developments of over $8 Billion. It offers excellent transit access only a few blocks to the metro blue line rail station, PCH, and the 710 freeway. Over 60% of households within 5 miles are renters with an average household income of over $94,000. (Per Costar)
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBR4R
Interior
Interior Features Balcony
Heating Wall Furnace
Cooling None
Fireplaces Type None
Fireplace No
Appliance Gas Oven,Gas Range
Laundry Washer Hookup,Gas Dryer Hookup
Exterior
Parking Features Garage
Garage Spaces 8.0
Garage Description 8.0
Fence Wrought Iron
Pool None
Community Features Urban
Utilities Available Electricity Connected,Natural Gas Connected,Sewer Connected,Water Connected
View Y/N No
View None
Roof Type Flat
Accessibility None
Total Parking Spaces 14
Private Pool No
Building
Lot Description Rectangular Lot
Faces West
Story 2
Entry Level Two
Foundation Slab
Sewer Public Sewer
Water Public
Architectural Style Modern
Level or Stories Two
New Construction No
Construction Status Repairs Cosmetic
Others
Senior Community No
Tax ID 7274010011
Energy Description 1428.0
Acceptable Financing Cash to New Loan
Listing Terms Cash to New Loan
Special Listing Condition Standard