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Listed by John Dumke • John Dumke, Broker
$ 1,895,000
Est. payment /mo
Pending
767 Freeman AVE Long Beach, CA 90804
6,751 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Pending
Purchase Type For Sale
MLS Listing ID CRPW25182759
Year Built 1961
Lot Size 6,751 Sqft
Source California Regional MLS
Property Description
Excellent cash flow building in prime Eastside Long Beach area. 7 units total, four garages with 4 parking spaces in front of garage. All unit doors face south for lots of natural light and share common back yard space for happy tenants. Common area laundry room for convenience. All units have been well maintained and upgraded, granite counters, low maintenance tile flooring and updated bathrooms. Very little deferred maintenance. All 7 unit electrical subpanels upgraded in 2024. Great location. Rose Park is right around the corner, walking distance to shops and restaurants on 4th Street, 7th Street and Redondo. Current monthly income 13,935 (167,220 annual). GRM is 11.3x. Cap rate with 35% expenses is 5.7%. Market rents are 2,250 with garage and 2050 without. Building has been professionally managed with great tenants. The building is the perfect combination of a quality and cash flow. Units show very well as they are upgraded upon vacancy. This is an easy building to own and manage with additional upside.
Location
State CA
County Los Angeles
Area 3 - Eastside, Circle Area
Interior
Heating Wall Furnace
Cooling None
Laundry Laundry Area
Exterior
Garage Spaces 4.0
Pool None
Building
Water District - Public
Others
Tax ID 7258019020
Special Listing Condition Not Applicable
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