1085 Lewis, Long Beach, CA 90813
1085 Lewis, Long Beach, CA 90813
1085 Lewis, Long Beach, CA 90813
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The Warburton Team Brokered By EXp

The Warburton Team Brokered By EXp

+1(626) 630-2141
$1,900,000
Est. payment /mo
6,869 Sqft Lot
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UPDATED:

Key Details

Property Type Other Types

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

Subdivision Wrigley Area (Wr)

MLS Listing ID PW26227999

HOA Y/N No

Year Built 1923

Lot Size 6,869 Sqft

Property Sub-Type Apartment

Property Description

COURT ORDERED SALE- SELLER AND BROKER CANNOT MAKE ANY REPRESENTATIONS TO THE CONDITION OR HISTORY OF THE PROPERTY. ACCEPTED OFFER SUBJECT TO COURT CONFIRMATION.
We are pleased to present 1085 Lewis Avenue, a 14-unit multifamily property totaling 6,441 square feet of living space built in 1923 in Central Long Beach's Cambodia Town neighborhood. The property has a unit mix of eight studios, five one-bedroom/one-bath units, and one two-bedroom/one-bath unit. All units are separately metered for gas and electricity (buyer to verify). Priced attractively at $1,900,000, which works out to $135,714 per unit and $294 per square foot, yielding a 7.08% current cap rate and an 8.27 GRM- this is one of the lowest price per unit and highest cap rate deals to come for sale in Long Beach this year.
In-place rents are about 12% below current market levels. Long Beach has no municipal rent control ordinance- the property falls under AB 1482 which allows for an 8.7% rent increase currently.
The property boasts a 91 walk score and is within a five minute walk of Aldi's, Smart and Final, and Lincoln Elementary/Pre-School. The location is dense and renter-driven, with easy access to Downtown Long Beach, the Port, and the 710 and 405 freeways

Location

State CA

County Los Angeles

Area 5 - Wrigley Area

Interior

Fireplace No

Laundry None

Exterior

Pool None

Community Features Urban

Private Pool No

Building

Lot Description Rectangular Lot

Story 2

Sewer Public Sewer

Water Public

New Construction No

Others

Senior Community No

Tax ID 7274009010

Acceptable Financing Court Approval

Listing Terms Court Approval

Special Listing Condition Standard

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Listed by Jackson Jorgensen Younglewin Advisors, Inc. jack@younglewin.com, DRE #02022727

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