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4133 E Mendez Street, Long Beach, California 90815, Long Beach, 90815 - bed, bath

4133 E Mendez Street, Long Beach, California 90815 home-pic-0
ACTIVE$1,999,999
4133 E Mendez Street, Long Beach, California 90815
0Bed
0Bath
4,300Sqft
5,979Lot
Year Built
1963
Close
-
List price
$2M
Original List price
$2M
Price/Sqft
$465
HOA
-
Days on market
-
Sold On
-
MLS number
OC24232104
Home ConditionPoor
Features
Patio
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $2.00M(67th), sqft - 4300(67th), beds - undefined(50th), baths - undefined(50th).

Investor’s Dream Opportunity – Seasoned or First-Time Multifamily Buyers Discover the perfect investment opportunity with this fantastic and highly sought-after four-plex in Long Beach, conveniently located near the Outer Traffic Circle. This property offers a variety of attractive features, including: Front House: Spacious 3-bedroom, 2-bath home with huge dining room, living room, and newly remodeled showers. Additional Units: Three large 2-bedroom units, each with easy access to a community courtyard, open space and laundry room. Parking & Storage: Every unit includes an assigned private garage. Recent Upgrades: Both showers in the front until have been remodeled, roof was replaced approx. 6 years ago. Convenience: Individually metered for electricity and gas. Built in the 1960s, and not many opportunities for a four-plex in this area, this property includes spacious courtyard and secure, income generating community laundry room with shared machines and separate garages. Both showers in the front unit have been remodeled. Prime Location: Just blocks from Alamitos and Junipero Beaches, and close to California State University Long Beach, the 2nd & PCH shopping center, Long Beach Exchange, The Hangar, golf courses, parks, and public transit. Rental Potential: All units are well under current market rates. Opportunity to increase NOI immediately. Don’t miss this rare chance to own a versatile multifamily property in a high-demand area. Contact agent today for more details! Unit 1: 3 bed, 2, bath, approximately 1300 sf Unit 2: 2 bed 2 bath, approximately 1000 sf Unit 3: 2 bed 1 bath, approx 900 sf Unit 4: 2 bed, 1 bath, approx 1100 sf Each unit has a detached 1 car garage. All units are currently occupied on month-to-month leases.

Condition Rating
Poor
Built in 1963, this property is over 60 years old. While the roof was replaced 6 years ago and two showers in the front unit were recently remodeled, the vast majority of the interiors, including all kitchens and most bathrooms across all units, are significantly dated. Kitchens feature older light wood cabinets, laminate countertops, and white appliances, while most bathrooms have older vanities and tub/shower surrounds. Flooring is predominantly older carpet or linoleum/vinyl. The listing itself notes the need for 'further renovations and upgrades' to achieve market rents and highlights potential deferred maintenance on major systems (plumbing, electrical, HVAC) due to the property's age. This indicates a need for substantial repairs and rehabilitation beyond minor updates, aligning with the 'poor' condition criteria.
Pros & Cons

Pros

Significant Value-Add Potential: All units are currently rented well below market rates on month-to-month leases, offering immediate opportunity to substantially increase Net Operating Income (NOI) through rent adjustments and potential unit upgrades.
Prime Long Beach Location: Strategically located near Alamitos and Junipero Beaches, California State University Long Beach, major retail/entertainment hubs (2nd & PCH, Long Beach Exchange), golf courses, parks, and public transit, ensuring high tenant demand.
Desirable Unit Mix & Amenities: Features a spacious 3-bedroom, 2-bath front house and three large 2-bedroom units, each with an assigned private garage, plus a community courtyard and income-generating laundry room, enhancing tenant appeal and convenience.
Individually Metered Utilities: Electricity and gas are separately metered for each unit, reducing landlord operating expenses and simplifying utility management for the owner.
Recent Capital Improvements: The roof was replaced approximately 6 years ago, and showers in the front unit have been remodeled, indicating some proactive maintenance and reducing immediate major capital outlays for these specific items.

Cons

Age of Property & Potential for Deferred Maintenance: Built in 1963, the property is over 60 years old, suggesting that major systems (e.g., plumbing, electrical, HVAC) may be original or require significant updates beyond the mentioned roof and shower remodels.
Required Capital Expenditure for Full Market Rents: While rents are below market, achieving top market rates will likely necessitate further renovations and upgrades to the other units and common areas, requiring additional capital investment from the buyer.
Tenant Turnover Risk with Month-to-Month Leases: Although month-to-month leases offer flexibility for rent increases, they also present a higher risk of tenant turnover, potentially leading to vacancies and lost income during the transition or renovation periods.

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