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    3600 3620 S Santa Fe Avenue

    Long Beach, CA 90810
    • $3,620,000
    • STATUS: Active
    • ON SITE: 58 days
    • ID#: SR21163372
    Price Reduced
    UPDATED: 82 min ago
    $3,620,000
    • 0
      BEDS
    • 0.38
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Type:
    Multi-Family
    Built:
    1911
    County:

    School Ratings & Info

    Description

    **Price Reduction** 3 buildings Mixed use with 1 neighborhood commercial shops building and two residential buildings on a large 16,500+ square foot lot in West Long Beach. The residential buildings consist of a two story 12-unit complex and a one story 7-unit structure. This Carson adjacent property is all about stable cash flow at over 6% cap rate on current income! The unit mix consists of 18 studio apartments, 1 one-bedroom apartment, 1 mini market convenience store, and 1 barber shop (total of 21 units). The two retail leases are long term tenants with 10+ years and built in annual CPI increases with long term leases. This pocket of Long Beach is a consistently high demand residential area with great access to regional freeways and central to employment hubs. There may be an additional 16% upside remaining in rents with prudent and cost effective unit upgrades. The as-is cap rate is estimated to be 6.13% with a 7.54% cap rate on market rents. The acquisition Gross Rent Multiplier is 10.59 and may go as low as 9.11 with unit upgrades. The property generates additional streams of income with parking, laundry, and storage fees plus RUBS utility reimbursements and property tax reimbursements from retail leases. The park like grounds of the property are inviting and tranquil which has contributed to long term tenant retention.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-09-23T13:34:06.253. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Brandon Hobbs Group | Compass. Licensed in the State of California, USA.
    www.searchwithcompass.com/homes/119708993
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    3600 3620 S Santa Fe Avenue Long Beach, CA 90810

    • Price: $3,620,000
    • Status: Active
    • Updated: 82 min ago
    • ID#: SR21163372
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.38
    Acres
    1911
    Built
    Neighborhood:
    Westside/North Of Willow (Wnw)
    County:
    Los Angeles
    Area:
    11 - Westside
    Property Description
    **Price Reduction** 3 buildings Mixed use with 1 neighborhood commercial shops building and two residential buildings on a large 16,500+ square foot lot in West Long Beach. The residential buildings consist of a two story 12-unit complex and a one story 7-unit structure. This Carson adjacent property is all about stable cash flow at over 6% cap rate on current income! The unit mix consists of 18 studio apartments, 1 one-bedroom apartment, 1 mini market convenience store, and 1 barber shop (total of 21 units). The two retail leases are long term tenants with 10+ years and built in annual CPI increases with long term leases. This pocket of Long Beach is a consistently high demand residential area with great access to regional freeways and central to employment hubs. There may be an additional 16% upside remaining in rents with prudent and cost effective unit upgrades. The as-is cap rate is estimated to be 6.13% with a 7.54% cap rate on market rents. The acquisition Gross Rent Multiplier is 10.59 and may go as low as 9.11 with unit upgrades. The property generates additional streams of income with parking, laundry, and storage fees plus RUBS utility reimbursements and property tax reimbursements from retail leases. The park like grounds of the property are inviting and tranquil which has contributed to long term tenant retention.
    Exterior Features

    Carport Spaces 0 Construction Materials FrameStucco Lot Features Corner LotIrregular Lot Number Of Separate Electric Meters 4 Open Parking Spaces 15 Parking Features AssignedAsphaltPaved Parking Total 15 Pool Features None Pool Private YN No Property Attached YN No Roof Asphalt Spa Features None Spa YN No

    Interior Features

    Accessibility Features None Appliances Gas OvenGas RangeRefrigerator Common Walls No Common Walls Cooling None Cooling YN No Fireplace Features None Fireplace YN No Flooring Wood Heating Wall Furnace Heating YN Yes Interior Features Ceiling Fan(S)Multiple Staircases

    Property Features

    Additional Parcels YN No Association Fee 0 Association YN No Cap Rate 6.13 Common Interest None Community Features CurbsSuburbanSidewalks Electric 220 Volts in Laundry Electric Expense 11597 Fuel Expense 4591 Garage YN No Gross Income 19170 Gross Scheduled Income 341978 Insurance Expense 5913 Land Lease YN No Laundry Features Common Area Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To New LoanConventional1031 Exchange Maintenance Expense 14700 Net Operating Income 221894 New Construction YN No New Taxes Expense 47113 Number Of Separate Gas Meters 4 Number Of Separate Water Meters 1 Number Of Units Leased 19 Operating Expense 109824 Other Expense 0 Pest Control Expense 600 Pool Expense 0 Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Supplies Expense 0 Tenant Pays Cable TvElectricityGasParking FeeTaxesWater Total Actual Rent 24278 Trash Expense 3551 Utilities Cable AvailableElectricity ConnectedNatural Gas ConnectedPhone AvailableSewer ConnectedWater Connected Vacancy Allowance Rate 3 Water Sewer Expense 3170 Water Source Public Zoning Lbr1n

    Listing provided courtesy of Logan Altman of Altman Apartments Llc


    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-09-23T13:34:06.253. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Brandon Hobbs Group | Compass. Licensed in the State of California, USA.
     
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    Brandon Hobbs Group | Compass
    341 Bayside Drive
    Newport Beach CA, 92660