651 E 46th ST, Long Beach, CA 90807 - MLS#PW24210020

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Ricardo Gil Jr

rgiljr@gilsre.com +1(209) 226-9649

$2,895,000

Est. payment - /mo

0.26 Acres Lot

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UPDATED:

10/29/2024 11:00 PM

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active Under Contract

Purchase Type For Sale

Subdivision Bixby Knolls (Bk)

MLS Listing ID PW24210020

HOA Y/N No

Year Built 1973

Lot Size 0.256 Acres

Property Description

651 E. 46th Street is a 12-unit value add investment asset located in the Bixby Knolls neighborhood of Long Beach. The property offers a new investor 34% total rental upside potential for a 7.8% market cap rate. Situated on a 11,154-square-foot lot, the building features all spacious units: (9) 1BD/1BA; (1) 2BD/1BA; (1) 2BD/2BA; and (1) 3BD/2BA. Additionally, the 100% electric building includes copper plumbing throughout. Onsite laundry provides a convenient facility for tenants and an added income stream for the owner. Ten (10) garages and two (2) surface spaces offer the potential to provide additional income as well as ADU opportunities. Located within steps to Aldi and other amenities, the property is also in close proximity to Atlantic Avenue's restaurants, coffee shops and amenities. In recent years the area has become a dynamic locale for exciting new businesses. The Bixby Knolls location offers convenient proximity to both the 710 and 405 freeways, providing quick and easy access to all areas of Southern California.

Location

State CA

County Los Angeles

Area 6 - Bixby, Bixby Knolls, Los Cerritos

Zoning LBR3S

Interior

Heating Radiant

Fireplace No

Laundry Common Area

Exterior

Garage Spaces 10.0

Garage Description 10.0

Pool None

Community Features Sidewalks

Total Parking Spaces 12

Private Pool No

Building

Lot Description 11-15 Units/Acre

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 7135005026

Energy Description 2140.0

Acceptable Financing Cash, Cash to New Loan, 1031 Exchange

Listing Terms Cash, Cash to New Loan, 1031 Exchange

Special Listing Condition Standard

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Listed by Robert Stepp • Keller Williams - Santa Monica • 310-463-2916

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Ricardo Gil Jr

+1(209) 226-9649

Broker | CA DRE#01800755

Broker CA DRE#01800755