Nicole Van Parys & Gary Nesen
License Partners, Private Office Advisors | License ID: 01108944
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Listed by Robert Stepp • Keller Williams - Santa Monica
$ 2,770,000
$ 2,895,000 4.3%
Est. payment /mo
Sold on 12/20/2024
651 East 46th Street Long Beach, CA 90807
10,062 SqFt
UPDATED:
Key Details
Sold Price $2,770,000
Property Type Single Family Home
Listing Status Sold
Purchase Type For Sale
Square Footage 10,062 sqft
Price per Sqft $275
Subdivision Bixby Knolls
MLS Listing ID PW-24210020
Sold Date 12/20/24
Year Built 1973
Lot Size 0.256 Acres
Property Description
651 E. 46th Street is a 12-unit value add investment asset located in the Bixby Knolls neighborhood of Long Beach. The property offers a new investor 34% total rental upside potential for a 7.8% market cap rate. Situated on a 11,154-square-foot lot, the building features all spacious units: (9) 1BD/1BA; (1) 2BD/1BA; (1) 2BD/2BA; and (1) 3BD/2BA. Additionally, the 100% electric building includes copper plumbing throughout. Onsite laundry provides a convenient facility for tenants and an added income stream for the owner. Ten (10) garages and two (2) surface spaces offer the potential to provide additional income as well as ADU opportunities. Located within steps to Aldi and other amenities, the property is also in close proximity to Atlantic Avenue's restaurants, coffee shops and amenities. In recent years the area has become a dynamic locale for exciting new businesses. The Bixby Knolls location offers convenient proximity to both the 710 and 405 freeways, providing quick and easy access to all areas of Southern California.
Location
State CA
County Los Angeles
Zoning LBR3S
Interior
Heating Radiant
Laundry Common Area
Exterior
Parking Features Gated
Garage Spaces 10.0
Pool None
Community Features Sidewalks
Building
Lot Description 11-15 Units/Acre
Sewer Public Sewer
Nicole Van Parys & Gary Nesen
License Partners, Private Office Advisors | License ID: 01108944