1015 E 20th Street, Long Beach, California 90806, Long Beach, 90806 - bed, bath
ACTIVE$1,380,000
1015 E 20th Street, Long Beach, California 90806
0Bed
0Bath
4,236Sqft
6,755Lot
Year Built
1924
Close
-
List price
$1.38M
Original List price
$1.48M
Price/Sqft
$326
HOA
-
Days on market
-
Sold On
-
MLS number
SB25011794
Home ConditionFair
Features
View-
About this home
We found 3 Cons,5 Pros. Rank: price - $1.38M(88th), sqft - 4236(88th), beds - undefined(50th), baths - undefined(50th).
NOTE: CAN BE SOLD TOGETHER OR SEPERATE WITH NEIGHBOR PARCEL 7210-021-013 (6 UNIT). Large 4 unit multifamily building in the heart of Long Beach with a highly desirable unit mix and quality rents. Parking in rear with additional room for potential ADU or large coin op laundry facility. Low price per square foot and high GRM/CAP for the area with a relatively new building (1980's). Sold AS IS with rents and tenants already in place. Do not miss this attractive cash flowing asset! *expenses are estimates, income is actual
Nearby schools
5/10
Burnett Elementary School
Public,•K-5•0.4mi
4/10
Whittier Elementary School
Public,•K-5•0.6mi
8/10
Signal Hill Elementary School
Public,•K-5•0.6mi
7/10
Roosevelt Elementary School
Public,•K-5•0.6mi
6/10
Washington Middle School
Public,•6-8•1.0mi
6/10
Franklin Classical Middle School
Public,•6-8•1.4mi
6/10
Polytechnic High School
Public,•9-12•0.5mi
Price History
Date
Event
Price
06/19/15
Sold
$1,150,000
Condition Rating
Fair
The property, originally built in 1924, appears to have undergone renovations in the 1980s, as suggested by the listing description. However, the provided images reveal that these updates are now significantly dated. The kitchen features older white appliances, basic white cabinetry, and linoleum flooring, while the bathroom shows an older vanity, basic tile, and similar flooring. General interiors have older carpeting and basic light fixtures, with a visible window AC unit. The 'AS IS' sale condition and 'potential for older infrastructure' weakness further indicate that while functional, the property requires minor to moderate updates to meet current standards and aesthetics. Major components are functional but clearly outdated, aligning with the 'Fair' condition criteria.
Pros & Cons
Pros
High Cash Flow & Investment Metrics: The property boasts a desirable unit mix, quality rents, and strong GRM/CAP rates for the area, indicating excellent cash flow potential for investors.
Significant Value-Add Potential: Ample rear parking space offers opportunities for an Accessory Dwelling Unit (ADU) or a coin-operated laundry facility, enhancing future income and property value.
Prime Multi-Family Asset: A large 4-unit building located in the heart of Long Beach, a robust rental market, making it an attractive investment for income-seeking buyers.
Strategic Location: Situated in the heart of Long Beach, a desirable and high-demand rental market, offering consistent tenant demand and potential for appreciation.
Portfolio Acquisition Opportunity: The option to purchase this property alongside a neighboring 6-unit parcel allows for a significant 10-unit portfolio expansion, appealing to larger investors.
Cons
As-Is Sale Condition: The property is being sold 'AS IS,' which implies the buyer assumes responsibility for any necessary immediate or future capital expenditures for repairs, maintenance, or upgrades.
Potential for Older Infrastructure: Despite mentions of a 'relatively new building (1980's),' the original construction year of 1924 suggests underlying older infrastructure that could require significant investment.
Estimated Operating Expenses: The reliance on estimated expenses rather than actual figures introduces a degree of uncertainty regarding true operating costs and net income, requiring thorough due diligence.