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$2,375,000
Est. payment /mo
20 Beds
10 Baths
6,710 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 6,710 sqft
Price per Sqft $353
MLS Listing ID 26104747
Bedrooms 20
HOA Y/N No
Year Built 1960
Lot Size 9,012 Sqft
Property Description
1503 Stanton Pl | 10-Unit Multifamily, Long Beach. This 1960-built asset totals 6,710 SF across a front and rear building on a 10,736 SF R-2-N lot in Long Beach's Zaferia neighborhood, a short walk from neighborhood shopping and 1.2 miles from Long Beach City College. The property features (10) 2BR/1BA units averaging 671 SF. Eight of 10 units are occupied at an average rent of $2,008 against a $2,095 market rent, and Units 1 and 4 are delivered vacant for the buyer to lease at market. Offered at $2,375,000 ($237,500/unit | $353.95/SF) with a 7.13% cap rate at lease-up, the real story is yield: a cap rate above every comparable sale reporting one, with a 7.48% pro forma reached through natural turnover and no renovation program.
Location
State CA
County Los Angeles
Area 3 - Eastside, Circle Area
Zoning LBR2N
Interior
Heating None
Cooling None
Fireplace No
Exterior
Parking Features Driveway Down Slope From Street
Building
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 7260014014
Special Listing Condition Standard
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Listed by Taylor Avakian Lyon Stahl Investment Real Estate, Inc. #02060040
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