Long Beach, CA 90806,2185 Pacific AVE
$1,500,000
$1,600,000
6.3%
Est.Price: ?

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4,791 Sqft Lot

2185 Pacific AVE Long Beach, CA 90806

Est. payment /mo
SOLD DATE : 08/23/2021

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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

Interior

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

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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California Regional MLS (CRMLS)
Listed by Handoko Chen • GIG Real Estate Inc.
Bought with Handoko Chen • GIG Real Estate Inc.

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Nicole Parent

Broker Associate | License ID: 01827226

+1(559) 930-7171

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