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1952 Pine AVE Long Beach, CA 90806
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Key Details
Sold Price $1,620,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Subdivision Wrigley Area (Wr)
MLS Listing ID PW23021166
Sold Date 06/20/23
HOA Y/N No
Year Built 1940
Lot Size 6,738 Sqft
Property Description
We are pleased to present the opportunity to purchase a rare, value-add offering that is cash flowing at a current 5.24% Cap Rate. The high cash flow provides a buyer the opportunity to purchase at a 60%+ LTV. Pine Ave consists of six units that have large floor plans situated on a 6,740 sq ft lot. Additionally, there is significant upside potential to add an additional two ADU units, and to utilize the two common courtyards for tenant amenities. 1952 Pine also benefits from four single car garages which are a commodity in Long Beach. Located near Downtown Long Beach, and proximate to the 710 & 405 Freeways, this is a strong rental location that will benefit a first time or seasoned investor.
Note - the property consists of large 1bedroom units which operate as 2bedroom units.
Location
State CA
County Los Angeles
Area 5 - Wrigley Area
Zoning LBR4R
Rooms
Ensuite Laundry None
Interior
Laundry Location None
Fireplace No
Laundry None
Exterior
Garage Spaces 4.0
Garage Description 4.0
Pool None
Community Features Biking, Curbs, Gutter(s), Street Lights, Sidewalks
Total Parking Spaces 4
Private Pool No
Building
Lot Description Back Yard, Front Yard, Sprinkler System, Value In Land, Yard
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7209017012
Acceptable Financing Cash to New Loan
Listing Terms Cash to New Loan
Financing Cash to Loan
Special Listing Condition Standard
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Bought with Sam Alherech • Buckingham Investments, Inc
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