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Listed by 310-259-7556 - Cameron Samimi - DRE #02035763 - Lyon Stahl Investment Real Estate, Inc. 310-425-9838

$3,500,000

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1133 Freeman Avenue Long Beach, CA 90804

Apartment Residence

Beds

Baths

10,746 Sq. Ft.

0.29 Acre Lot

Property Activity

Time on Site

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Last updated on 12/3/2024 3:51 PM

Listing Details

6.18% CAP RATE! Newer 1971 build. This 16 unit Pride of Ownership asset is located in the highly coveted eastside of Long Beach. Property not only is being offered at an amazing 6.18% cap rate and a 10.5 GRM, but also comes with 9 Garages and 10 additional exterior parking spaces for a total of ...19 parking. 1133 Freeman has a very desirable unit mx consisting of (6) 2Bed+1Bath, (8) 1Bed+1Bath and (2) Studio+1Bath units. An additional four 2 bedroom and 2 bathroom ADU's can be built in the garages for approximately $600K while still maintaining 16 exterior parking spaces on the site. The 4 additional ADU's will bring in $2600 a month each or $124,800 annually for a value of a 4.8 GRM or a 20% return annually. The tax accessor has allocated 81% of the assets value to the improvements giving a buyer a significant depreciation schedule (Most buildings are 50/50). This will be a further help for a buyer as they can currently collect 60% bonus depreciation and likely 100% retroactively if the current tax relief bill gets finalized on the senate floor. All units are separately metered for gas and electric and property is impeccably maintained. This property has the best current cap rate, price per foot, price per door GRM combo available on the market. With upside to over a 10.5% CAP rate this property truly is the best building you can buy right now and is perfect for any type of investor. CALL FOR OFFERS 8/14 5pm All offers will have a chance to tour the asset the week of August 5th. Continue reading

MLS#

SB24158172

Property Type

Apartment

Status

Year Built

1971

Square Feet

10,746 sq. ft

Lot Size

0.29

Sewer