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    2185 Pacific Avenue

    Long Beach, CA 90806
    • $1,600,000
    • STATUS: Active
    • ON SITE: 74 days
    • ID#: AR21015994
    $1,600,000
    • 0
      BEDS
    • 0.11
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 6,612
      SQFT
    • $242
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1958
    County:

    School Ratings & Info

    Description

    2185-89 Pacific Ave, a 6-unit value add mixed-use apartment/retail investment opportunity located in the City of Long Beach, CA. The property offers a rare opportunity for investors to get into a high cash-flow property on year-1 with upside potential in a strategic part of Long Beach (within OPPORTUNITY ZONE). The property has been in the same family since 1994 and owner is relocating to another state. With the right financing structure, investor can realize a high (over +-10%) cash-on-cash levered return!The property is a 2-story, 6-unit mixed use building built in 1958. It has a total of 6,612 SF building size and situated on a 4,708SF lot; it has commercial zoning and located within an OPPORTUNITY ZONE. The 2nd floor units consist of 4 apartment units with 100% occupancy (owner is occupying 1 unit). It has 1 x 2bed+2bath, 1x 2bed+1.5bath, and 2 x 1bed+1bath units. 2 of the units have been partially upgraded. All tenants are on month to month and current rental income is significantly below market. The ground floor consists of 2 retail units. The 1st retail unit is occupied by a long-time tenant that has been there for more than 10 years and are on month-to-month agreement. This retail unit size is +-1,800SF and current rent is significantly below market. The 2nd retail unit has +-1,800SF in size and currently vacant (tenant recently moved out). Retail tenants pay their own utilities. Each unit is separately metered for electricity and gas.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-04-10T00:28:37.443. 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 deemed reliable but is not guaranteed accurate by the MLS or Team Forss Realty Group. Licensed in the State of California, USA.
    www.teamforss.com/homes/113616639
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    2185 Pacific Avenue Long Beach, CA 90806

    • Price: $1,600,000
    • Status: Active
    • ID#: AR21015994
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.11
    Acres
    6,612
    SQFT
    $242
    $/SQFT
    1958
    Built
    Neighborhood:
    Wrigley Area (Wr)
    County:
    Los Angeles
    Area:
    5 - Wrigley Area
    Property Description
    2185-89 Pacific Ave, a 6-unit value add mixed-use apartment/retail investment opportunity located in the City of Long Beach, CA. The property offers a rare opportunity for investors to get into a high cash-flow property on year-1 with upside potential in a strategic part of Long Beach (within OPPORTUNITY ZONE). The property has been in the same family since 1994 and owner is relocating to another state. With the right financing structure, investor can realize a high (over +-10%) cash-on-cash levered return!The property is a 2-story, 6-unit mixed use building built in 1958. It has a total of 6,612 SF building size and situated on a 4,708SF lot; it has commercial zoning and located within an OPPORTUNITY ZONE. The 2nd floor units consist of 4 apartment units with 100% occupancy (owner is occupying 1 unit). It has 1 x 2bed+2bath, 1x 2bed+1.5bath, and 2 x 1bed+1bath units. 2 of the units have been partially upgraded. All tenants are on month to month and current rental income is significantly below market. The ground floor consists of 2 retail units. The 1st retail unit is occupied by a long-time tenant that has been there for more than 10 years and are on month-to-month agreement. This retail unit size is +-1,800SF and current rent is significantly below market. The 2nd retail unit has +-1,800SF in size and currently vacant (tenant recently moved out). Retail tenants pay their own utilities. Each unit is separately metered for electricity and gas.
    Exterior Features

    Carport Spaces 0.00 Direction Faces East Garage Spaces 3.00 Lot Features Rectangular LotLevelNear Public Transit Lot Size Source Assessor Lot Size Units Square Feet Parking Features GarageGarage Faces Rear Parking Total 3.00 Parking YN Yes Pool Features None Pool Private YN No Property Attached YN Yes Uncovered Spaces 0.00

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 2+ Common Walls Cooling Wall/Window Unit(S) Cooling YN Yes Fireplace Features None Fireplace YN No Heating Wall Furnace Heating YN Yes Laundry Features Common Area Levels Two

    Property Features

    Additional Parcels YN No Association Fee 0.00 Association YN No Building Area Units Square Feet Cap Rate 5.57 Community Features Urban Country Us Electric Standard Electric Expense 960.00 Elevation Units Feet Fuel Expense 300.00 Gross Income 128880.00 Gross Multiplier 12.41 Gross Operating Income 122436.00 Gross Scheduled Income 128880.00 Insurance Expense 3009.00 Land Lease YN No Laundry Income 480.00 Laundry YN Yes Net Operating Income 89153.00 New Construction YN No New Taxes Expense 19206.00 Number Of Separate Electric Meters 6 Number Of Separate Gas Meters 6 Number Of Separate Water Meters 1 Number Of Units Leased 5 Number Wall AC 4 Number With Dishwasher 0 Number With Disposal 4 Number With Range 4 Number With Refrigerator 0 Operating Expense 33283.00 Professional Management Expense 0.00 Property Sub Type Commercial/Residential Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Subdivision Name Other Wrigley Area (Wr) Tenant Pays ElectricityGas Total Actual Rent 10700.00 Total Expenses 33283.00 Trash Expense 0.00 Utilities Cable AvailableElectricity ConnectedNatural Gas ConnectedPhone AvailableSewer ConnectedWater Connected Vacancy Allowance 6444 Vacancy Allowance Rate 5.00 Water Sewer Expense 3600.00 Water Source Public Year Built Source Assessor Zoning Lbcnp

    Listing provided courtesy of Handoko Chen of Gig Real Estate Inc. and Justin Mccardle of Gig Real Estate Inc.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-04-10T00:28:37.443. 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 deemed reliable but is not guaranteed accurate by the MLS or Team Forss Realty Group. Licensed in the State of California, USA.
     
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