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477 E South St
For Sale $3,990,000
$3,990,000
- 16 Units
- Unknown Sq Ft
- 10,429 Sq Ft
- Unknown Cap Rate
Description
Invest in Long Beach near Bixby Knolls and own this updated 16-unit apartment community. Composed of a desirable unit mix of all 2-bed, 1-bath units across two buildings with a courtyard in between, this property boasts a scheduled CAP rate of 5.58% at 100% occupancy. One unit is currently vacant. Fourteen of 15 existing leases are month-to-month. Five of the 16 units are newly renovated (2024) with updated plumbing, paint, flooring and kitchen finishes. Two of these five units also feature upgraded bathrooms and lighting throughout. More 2024 building updates include all new electrical panels, and new water lines to 8 of the 16 units. A community laundry room provides additional income. This apartment building is located near Atlantic Avenue restaurants and shops, the new KB Homes mixed-use development Rhythm (under construction), and easy access to the 91, 710 and 405 freeways.
Amenities
Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt
Property Details
| List Price | $3,990,000 |
| Property Type | Multi-Family |
| Usable Sqft | Unknown |
| Number of Stories | 2 stories |
| Parking Spots | 0 spots |
| Year Built | 1961 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| HOA Fees: | $0 |
| Association Name: | Unknown |
| Association Amenities: | Unknown |
| APN # | 7125032033 |
| MLS # | PTP2407021 |
| Property ID | 292066001 |
| Lot Sqft | 10,429 |
| Zoning | LBCMR |
| Total Units | 16 |
| Days on Market | 409 |
| Original List Price | $4,400,000 |
| Date Updated | February 14, 2025 |
| Date Created | November 06, 2024 |
| Unit # | Beds | Baths | Current Rent | Proforma Rent |
| Unit #1 | $26,228 | $0 |
| Net Income (Yr) | $ 181,975 |
| Cap Rate | 5.58% |
Listing Provided By
Jeff Kim an agent of eXp Realty of California, Inc.. Lic #01959539
© 2025 CRMLS. All rights reserved. Some listings on this website are from CRMLS as of February 14, 2025 The information being provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
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Robert Crawford
REAL ESTATE AGENT