About This Home
This 7-bedroom, 0-bathroom multi-family at 920 N Park in Long Beach, CA is listed for $1,595,000. Built in 1923, on a 0.17 acres lot.
Key Features
- Built in 1923
- 0.17 acre lot
- 2 stories
- 5 parking spaces
Property Details
This clean, well-maintained property presents a great opportunity for those looking to own a stable asset that is east to manage and operate. Located directly across from Drake Park in Long Beach's historic Drake Park/Wilmore City neighborhood, there are 6 large units within 2 structures on a 7,316sqft lot with 5 garages.
Priced at a 10.99 GRM and 6.0% cap rate, the property offers immediate upside with 5 of 6 units eligible for rent increases, plus long-term value-add potential via 5 single-car garages that may allow for future ADU conversion. 5 of 6 units tastefully renovated in 2021 and recent capital improvements include new exterior stairs, new water heaters in 4 of 6 units, and upgraded breakers/subpanels.
The lot features a charming central courtyard, and it's located across the street from the Historic Drake Park with proximity to over $8 billion in ongoing and planned development near Downtown Long Beach and the Waterfront. This is a great deal for all investors, especially those that need the end of the year tax shelter benefits and/or those currently in a 1031 exchange.
Monthly Cost Estimate
$8,530/mo
20% down · 6.5% · 30 years
Estimates only. Actual payments may vary.
Location
920 N Park
Long Beach, CA 90813
Questions & Answers
This 7-bedroom, 0-bathroom multi-family at 920 N Park is listed at $1,595,000. The estimated monthly payment is $8,530 based on 20% down, a 30-year loan at 6.5% interest, estimated insurance.
Key features include: Built in 1923, 0.17 acre lot, 2 stories, 5 parking spaces.
This property is listed by Kristen Mussenden and can be reached at 4073413254.
