Long Beach, CA 90813,1640 Locust
Long Beach, CA 90813,1640 Locust
Long Beach, CA 90813,1640 Locust
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The Warburton Team Brokered By EXp

The Warburton Team Brokered By EXp

+1(626) 630-2141
$1,895,000
Est. payment /mo
7,422 Sqft Lot
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UPDATED:

Key Details

Property Type Apartment

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

Subdivision North Long Beach (Nlb)

MLS Listing ID DW26017371

HOA Y/N No

Year Built 1924

Lot Size 7,422 Sqft

Property Sub-Type Apartment

Property Description

Attractive multifamily investment opportunity featuring a well-maintained asset with a stable base of long-term tenants and a favorable unit mix. The property is strategically located near downtown Long Beach, offering immediate access to the 710 Freeway, public transportation, and is approximately 1.3 miles from the coastline.

The ownership has completed multiple capital improvements, including a partially replaced roof (approximately two years old), copper plumbing, updated electrical systems, and new water heaters. Select units at 1642 Locust (Units B, C, and D) have gas and electricity expenses paid by the owner.

The property currently produces approximately $167,000 in annual gross income with clear upside potential. Rents have not been increased within the past year, allowing a new owner to implement a rent increase of up to 8.9%, in accordance with current Long Beach rent control regulations.

The property is offered as-is. Buyers and buyers' agents are responsible for conducting their own due diligence regarding physical condition, financials, and legal compliance. Seller intends to complete a 1031 exchange at no cost to the buyer.

Location

State CA

County Los Angeles

Area 7 - North Long Beach

Interior

Heating Natural Gas

Fireplaces Type None

Fireplace No

Laundry None

Exterior

Parking Features None

Pool None

Community Features Urban

Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected

View Y/N No

View None

Private Pool No

Building

Lot Description 0-1 Unit/Acre

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 7269018015

Acceptable Financing Cash, Conventional, Contract

Listing Terms Cash, Conventional, Contract

Special Listing Condition Standard

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CRMLS – RECore
Listed by Hernan Hernandez Excellence Premier Real Estate 562-228-8811

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