1073 Orizaba Avenue, Long Beach, California 90804, Long Beach, 90804 - bed, bath

1073 Orizaba Avenue, Long Beach, California 90804 home-pic-0
ACTIVE$1,199,000
1073 Orizaba Avenue, Long Beach, California 90804
0Bed
0Bath
2,044Sqft
6,729Lot
Year Built
1922
Close
-
List price
$1.2M
Original List price
$1.2M
Price/Sqft
$587
HOA
-
Days on market
-
Sold On
-
MLS number
PW25107437
Home ConditionFair
Features
Patio
View-

About this home

We found 3 Cons,6 Pros. Rank: price - $1.20M(50th), sqft - 2044(50th), beds - undefined(50th), baths - undefined(50th).

This beautiful Craftsman-style 3-unit property presents an exceptional investment opportunity with significant upside potential! The property features two fully rented back units and a spacious front unit with a market value lease of $3,500/month. The charming Craftsman architecture adds timeless character and appeal, making this property a standout in the area. With the front unit offering ample space, it’s an ideal opportunity for an owner-occupant to live in the front unit while generating rental income from the two back units, or to maximize the investment potential by renting out all three. Property Highlights: -3 units in total -Front unit has a market value lease potential of $3,500/month -Rear units currently generating $1,700/month and $1,730/month (each) at full occupancy -Total Monthly Rent (for fully rented units): $6,930/month -Annual Gross Scheduled Income (GSI): $83,160 (potential) This is a rare opportunity to own a multi-unit Craftsman in a neighborhood where nearby single-family homes—without rental units—have sold for comparable prices. With built-in income potential, this property offers exceptional long-term value.

Nearby schools

5/10
Willard Elementary School
Public,K-50.1mi
7/10
Lee Elementary School
Public,K-50.5mi
6/10
Burbank Elementary School
Public,K-50.7mi
6/10
Bryant Elementary School
Public,K-50.8mi
9/10
Fremont Elementary School
Public,K-50.9mi
4/10
Whittier Elementary School
Public,K-51.1mi
7/10
Lincoln Elementary School
Public,K-51.1mi
7/10
Jefferson Leadership Academies School
Public,6-80.5mi
6/10
Franklin Classical Middle School
Public,6-81.3mi
6/10
Wilson High School
Public,9-120.9mi
6/10
Polytechnic High School
Public,9-121.7mi

Price History

Date
Event
Price
12/21/10
Sold
$145,000
Condition Rating
Fair

Built in 1922, this property shows signs of regular maintenance with fresh paint and updated laminate flooring in the living areas and hallway. However, the bathroom is significantly dated with an older vanity, basic strip lighting, and utilitarian tile. The kitchen, though not fully visible, appears to be in a similar older condition. The light fixtures throughout are basic and outdated. While functional, the property requires minor to moderate updates, particularly in the kitchen and bathroom, to meet current aesthetic and functional standards, aligning with the 'fair' condition criteria for an aged but maintained home.
Pros & Cons

Pros

Great Schools: Elementary School: Fremont Elementary School (9/10).
Strong Income-Generating Asset: A triplex with a potential annual gross scheduled income of $83,160, offering substantial cash flow for investors.
Flexible Owner-Occupant Opportunity: The spacious front unit allows for an owner to reside on-site while benefiting from rental income from the two back units.
Desirable Craftsman Architecture: The charming and timeless Craftsman design enhances curb appeal and market desirability in the Long Beach area.
Significant Upside Potential: Explicitly noted for its 'significant upside potential' and 'exceptional long-term value,' suggesting future appreciation and investment growth.
Rare Multi-Unit Offering: Positioned as a unique opportunity to acquire a multi-unit Craftsman in a neighborhood where comparable single-family homes sell for similar prices.

Cons

Age of Property & Potential for Capital Expenditures: Built in 1922, the property may require substantial investment in updating older systems (plumbing, electrical, HVAC) or addressing deferred maintenance.
Income Potential Not Fully Realized: The stated GSI relies on a 'market value lease potential' for the front unit, meaning the full income may not be immediate and could require tenant placement or market adjustments.
Increased Management Demands: Operating a triplex involves higher property management responsibilities, including tenant screening, maintenance coordination, and lease management, compared to a single-family home.

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