UPDATED:
12/05/2024 05:04 AM
Key Details
Property Type Multi-Family
Sub Type Triplex
Listing Status Active
Purchase Type For Sale
Subdivision North Alamitos Beach
MLS Listing ID OC24224912
Construction Status Updated/Remodeled,Turnkey
HOA Y/N No
Year Built 1923
Lot Size 5,906 Sqft
Property Description
Introducing 826 Rose Ave, a fully renovated triplex in the heart of Long Beach, currently generating $6,185 per month in rental income. With an annual cash flow of $78,600, this property offers immediate returns with future growth potential through a fully approved expansion 2 unit ADU.
FOR SALE: $1,850,000 – Owner’s Loss, Investor’s Gain: Due to funding requirements for another project, the owner must sell this valuable asset, creating a unique opportunity for investors.
Additional Expansion Opportunity with 2 Fully Permitted ADU Plans:
The property includes fully permitted, shovel-ready plans for two additional ADU units (each a 2-bed, 2-bath, 2-story design) at an additional cost to construct of $434,000, which will transform this triplex into a 5-unit multifamily property with a proforma annual cash flow of $140,000 upon completion and an estimated cap rate of 6.07%.
Property Highlights:
• Current Units: 3 fully renovated units $6,185 monthly rental income ($78,600 annually).
• Future Expansion: Includes fully permitted plans for two new ADU units, adding 1,584 sq. ft. of living space.
• Construction Company: After evaluating estimates from three qualified contractors, we selected the best fit based on quality and value. Each bid projected a similar build time of eight months. To ensure thorough vetting, we partnered with BuildZoom, who reviewed all proposals, helped reduce additional costs, and confirmed we hired the optimal contractor. BuildZoom also closely collaborated with the architect and design team to manage revisions and secure city approvals.
• Construction Ready to begin with a 8 month build timeline and total build cost of $434,000.
• Investment Potential: After completion, the property will offer 5 units, a projected ARV of $2.6M, proforma cash flow of $140,000 annually, and a cap rate of 6.07%.
• Prime Location: Situated in a vibrant Long Beach neighborhood, with easy access to schools, parks, dining, and the beach.
This is a rare opportunity to acquire a high-performing investment property with significant upside potential. Whether you're a seasoned investor or looking to expand your portfolio, 826 Rose Ave is a must-see!
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBR2N
Interior
Fireplace No
Appliance Dryer, Washer
Laundry See Remarks, Stacked
Exterior
Parking Features Assigned
Garage Spaces 3.0
Garage Description 3.0
Fence Wrought Iron
Pool None
Community Features Biking, Curbs, Dog Park, Fishing, Golf, Gutter(s), Park, Storm Drain(s), Street Lights, Sidewalks
View Y/N No
View None
Roof Type Spanish Tile
Total Parking Spaces 3
Private Pool No
Building
Lot Description 2-5 Units/Acre, Near Public Transit, Value In Land
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Architectural Style Spanish
Level or Stories Two
New Construction No
Construction Status Updated/Remodeled,Turnkey
Others
Senior Community Yes
Tax ID 7267016017
Security Features Security System,Carbon Monoxide Detector(s),Smoke Detector(s),Security Lights
Acceptable Financing Cash, Cash to New Loan, Conventional, 1031 Exchange
Listing Terms Cash, Cash to New Loan, Conventional, 1031 Exchange
Special Listing Condition Standard
