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1861 Pacific Avenue
Long Beach, CA 90806
Sold
1861 Pacific Avenue
Long Beach, CA 90806
Sold
Huge 200k Price Reduction! 8-unit building with 6 fully renovated residential units (100% occupied) and 2 store-front retail units (with RTI plans to convert to 2 residential units) in Long Beach. Incredible Current Cap Rate of 6% and 11.9 GRM from day 1 with upside to 7.3% Cap Rate and 10.2 GRM on Proforma. RTI Plans to convert each retail store into a 2 bed/1 bath residential unit to maximize rents. Large unit mix consisting of 1 (3bed/1bath), 4 (2bed/1bath), 1 (studio/1bath), and 2 large storefronts. Preliminary plans to add 2 Detached (3bed/1bath) ADUs for future upside. Rare 5 vacant garages in the back for additional income. The 8-unit building presents a unique opportunity for investors and business owners alike. With 6 recently renovated residential units the upside potential for rental income is significant. In addition, the two store-front retail units offer excellent visibility and foot traffic in a bustling commercial area. The location of this property is highly desirable with proximity to major transportation routes and popular amenities such as parks, restaurants, and shopping centers. Furthermore, the recent renovations of the residential units have added value to the property making it an attractive investment opportunity for those looking to capitalize on its upside potential. Overall, this 8-unit building represents a promising proposition for investors seeking high returns in one of Southern California's thriving communities.
PROPERTY INFORMATION
| MLS # | 23310541 | Lot Size | 9,180 Sq. Ft. |
| HOA Fees | $0/Monthly | Property Type | N/A |
| Price | $ 2,195,000
Price Per SqFt: $ 361 |
DOM | 605 Days |
| Address | 1861 Pacific Avenue | Type | Residential Income |
| City | Long Beach | Sq.Ft. | 6,072 Sq. Ft. |
| Postal Code | 90806 | Garage | N/A |
| County | Los Angeles | Year Built | 1946 |
| Bed / Bath | 11 / 0 | Parking | 5 |
| Built In | 1946 | Status | Closed |
| Sold Date | 2023-12-13 |
INTERIOR FEATURES
| InteriorFeatures Information | Ceiling Fan(s) |
EXTERIOR FEATURES
WALKSCORE
Walk Score: 87 (Very Walkable)
Transit Score: 63 (Good Transit)MAP
MORTGAGE CALCULATOR
- Principal & Interest:
- Property Tax: $2,341
- Home Insurance:$119
- HOA Fees:$0
- Mortgage Insurance:
PRICE HISTORY
| Date | Event | Price |
| 09/20/2023 | Listed | $2,195,000 |
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Listing provided courtesy of Julio Ruiz, Global Platinum Properties, Inc.. Based on information from California Regional Multiple Listing Service, Inc. as of #Date#. 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.
