Property Details
About this Property
6.18% CAP RATE! Newer 1971 build. This 16 unit Pride of Ownership asset is located in the highly coveted eastside of Long Beach. Property not only is being offered at an amazing 6.18% cap rate and a 10.5 GRM, but also comes with 9 Garages and 10 additional exterior parking spaces for a total of 19 parking. 1133 Freeman has a very desirable unit mx consisting of (6) 2Bed+1Bath, (8) 1Bed+1Bath and (2) Studio+1Bath units. An additional four 2 bedroom and 2 bathroom ADU's can be built in the garages for approximately $600K while still maintaining 16 exterior parking spaces on the site. The 4 additional ADU's will bring in $2600 a month each or $124,800 annually for a value of a 4.8 GRM or a 20% return annually. The tax accessor has allocated 81% of the assets value to the improvements giving a buyer a significant depreciation schedule (Most buildings are 50/50). This will be a further help for a buyer as they can currently collect 60% bonus depreciation and likely 100% retroactively if the current tax relief bill gets finalized on the senate floor. All units are separately metered for gas and electric and property is impeccably maintained. This property has the best current cap rate, price per foot, price per door GRM combo available on the market. With upside to
MLS Listing Information
MLS #
CRSB24158172
MLS Source
California Regional MLS
Interior Features
Appliances
Other
Parking, School, and Other Information
Garage/Parking
Garage: 9 Car(s)
Unit Information
| # Buildings | # Leased Units | # Total Units |
|---|---|---|
| 1 | – | – |
Neighborhood: Around This Home
Neighborhood: Local Demographics
1133 Freeman Ave is a Residential Income in Long Beach, CA 90804. This – square foot property sits on a 12,704 Sq Ft Lot and features – bedrooms & – full bathrooms. It is currently priced at $3,500,000 and was built in 1971. This address can also be written as 1133 Freeman Ave, Long Beach, CA 90804.
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This listing information is up-to-date as of December 21, 2024. For the most current information, please contact Cameron Samimi
