20
See all 20 photos
$2,400,000
Est. payment /mo
7 Beds
4 Baths
8,415 Sqft Lot
New
1005 E Harding Street Long Beach, CA 90805
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Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
Subdivision North Long Beach (Nlb)
MLS Listing ID PW26180082
Bedrooms 7
Lot Size 8,415 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
Pleased to present 1005 East Harding Street, a well-maintained 10-unit apartment community in Long Beach's desirable North Long Beach submarket. The property features a strong unit mix of three 1-bedroom/1-bath units, six 2-bedroom/1-bath units, and one spacious 3-bedroom/1-bath unit with a fireplace, generating $20,741 per month in gross scheduled rent with additional income from four garages and on-site laundry. The property is fully all-electric with no gas. Current ownership has invested approximately $200,000 in capital improvements including updated kitchens, bathrooms, plumbing, laminate flooring in select units, and a completely new electrical system throughout the property significantly reducing the capital expenditure burden for a new investor. SB 721 balcony inspections have been completed and approved with the City of Long Beach, eliminating a common compliance concern for buyers of properties built before 2000. The property delivers a 6.14% cap rate on current income with a clear path to a 7.03% proforma cap rate through maximum allowable rent increases under AB 1482. This is an investment opportunity for a buyer seeking stable cash flow with built-in upside through strategic management.
Location
State CA
County Los Angeles
Zoning Public Rec
Direction Myrtle Ave & Harding St
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 7115023025
Acceptable Financing Cash, Conventional, Exchange
Listing Terms Cash, Conventional, Exchange
Listed by Erik Ransdell, DRE#02077589 Erik Michael Ransdell, Broker
Nearby School & Business
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