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2185 Pacific AVE Long Beach, CA 90806
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Key Details
Sold Price $1,500,000
Property Type Multi-Family
Sub Type Mixed Use
Listing Status Sold
Purchase Type For Sale
Subdivision Wrigley Area (Wr)
MLS Listing ID AR21015994
Sold Date 08/23/21
HOA Y/N No
Year Built 1958
Lot Size 4,791 Sqft
Property Description
2185-89 Pacific Ave, a 6-unit value add mixed-use apartment/retail investment opportunity located in the City of Long Beach, CA. The property offers a rare opportunity for investors to get into a high cash-flow property on year-1 with upside potential in a strategic part of Long Beach (within OPPORTUNITY ZONE). The property has been in the same family since 1994 and owner is relocating to another state. With the right financing structure, investor can realize a high (over ±10%) cash-on-cash levered return!
The property is a 2-story, 6-unit mixed use building built in 1958. It has a total of 6,612 SF building size and situated on a 4,708SF lot; it has commercial zoning and located within an OPPORTUNITY ZONE. The 2nd floor units consist of 4 apartment units with 100% occupancy (owner is occupying 1 unit). It has 1 x 2bed+2bath, 1x 2bed+1.5bath, and 2 x 1bed+1bath units. 2 of the units have been partially upgraded. All tenants are on month to month and current rental income is significantly below market.
The ground floor consists of 2 retail units. The 1st retail unit is occupied by a long-time tenant that has been there for more than 10 years and are on month-to-month agreement. This retail unit size is ±1,800SF and current rent is significantly below market. The 2nd retail unit has ±1,800SF in size and currently vacant (tenant recently moved out). Retail tenants pay their own utilities. Each unit is separately metered for electricity and gas.
Location
State CA
County Los Angeles
Area 5 - Wrigley Area
Zoning LBCNP
Rooms
Ensuite Laundry Common Area
Interior
Laundry Location Common Area
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Fireplaces Type None
Fireplace No
Laundry Common Area
Exterior
Garage Garage, Garage Faces Rear
Garage Spaces 3.0
Garage Description 3.0
Pool None
Community Features Urban
Utilities Available Cable Available, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
Parking Type Garage, Garage Faces Rear
Total Parking Spaces 3
Private Pool No
Building
Lot Description Level, Near Public Transit, Rectangular Lot
Faces East
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7205028018
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Financing Cash to New Loan
Special Listing Condition Standard
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Bought with Handoko Chen • GIG Real Estate Inc.