Long Beach, CA 90810,3600 3620 S Santa Fe AVE
Long Beach, CA 90810,3600 3620 S Santa Fe AVE
Long Beach, CA 90810,3600 3620 S Santa Fe AVE
Long Beach, CA 90810,3600 3620 S Santa Fe AVE
Long Beach, CA 90810,3600 3620 S Santa Fe AVE
Long Beach, CA 90810,3600 3620 S Santa Fe AVE
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$3,500,000

$3,620,000

3.3%
Est.Price: ?

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Est. payment /mo

0.38 Acres Lot


SOLD DATE : 10/29/2021

Key Details

Sold Price $3,500,000

Property Type Multi-Family

Listing Status Sold

Purchase Type For Sale

Subdivision Westside/North Of Willow (Wnw)

MLS Listing ID SR21163372

Sold Date 10/29/21

HOA Y/N No

Year Built 1911

Lot Size 0.380 Acres

Property Description

**Price Reduction** 3 buildings Mixed use with 1 neighborhood commercial shops building and two residential buildings on a large 16,500+ square foot lot in West Long Beach. The residential buildings consist of a two story 12-unit complex and a one story 7-unit structure. This Carson adjacent property is all about stable cash flow at over 6% cap rate on current income! The unit mix consists of 18 studio apartments, 1 one-bedroom apartment, 1 mini market convenience store, and 1 barber shop (total of 21 units). The two retail leases are long term tenants with 10+ years and built in annual CPI increases with long term leases. This pocket of Long Beach is a consistently high demand residential area with great access to regional freeways and central to employment hubs. There may be an additional 16% upside remaining in rents with prudent and cost effective unit upgrades.

The as-is cap rate is estimated to be 6.13% with a 7.54% cap rate on market rents. The acquisition Gross Rent Multiplier is 10.59 and may go as low as 9.11 with unit upgrades. The property generates additional streams of income with parking, laundry, and storage fees plus RUBS utility reimbursements and property tax reimbursements from retail leases. The park like grounds of the property are inviting and tranquil which has contributed to long term tenant retention.

Location

State CA

County Los Angeles

Area 11 - Westside

Zoning LBR1N

Interior

Interior Features Ceiling Fan(s), Multiple Staircases

Heating Wall Furnace

Cooling None

Flooring Wood

Fireplaces Type None

Fireplace No

Appliance Gas Oven, Gas Range, Refrigerator

Laundry Common Area

Exterior

Parking Features Assigned, Asphalt, Paved

Pool None

Community Features Curbs, Suburban, Sidewalks

Utilities Available Cable Available, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected

Roof Type Asphalt

Accessibility None

Total Parking Spaces 15

Private Pool No

Building

Lot Description Corner Lot, Irregular Lot

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 7311020050

Energy Description 4591.0

Acceptable Financing Cash, Cash to New Loan, Conventional, 1031 Exchange

Listing Terms Cash, Cash to New Loan, Conventional, 1031 Exchange

Financing Cash

Special Listing Condition Standard

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California Regional MLS (CRMLS)
Listed by Logan Altman • Altman Apartments LLC
Bought with Logan Altman • Altman Apartments LLC

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