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JLee Broker

[email protected] +1(650) 857-1000

Listed by Erik Ransdell, DRE #02077589 • Erik Michael Ransdell, Broker

$2,400,000

Est. payment - /mo

8,415 Sqft Lot

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UPDATED:

Key Details

Property Type Commercial

Listing Status Active

Purchase Type For Sale

MLS Listing ID CRPW26180082

Year Built 1947

Lot Size 8,415 Sqft

Source California Regional MLS

Property Description

Pleased to present 1005 East Harding Street, a well-maintained 10-unit apartment community in Long Beach's desirable North Long Beach submarket. The property features a strong unit mix of three 1-bedroom/1-bath units, six 2-bedroom/1-bath units, and one spacious 3-bedroom/1-bath unit with a fireplace, generating $20,741 per month in gross scheduled rent with additional income from four garages and on-site laundry. The property is fully all-electric with no gas. Current ownership has invested approximately $200,000 in capital improvements including updated kitchens, bathrooms, plumbing, laminate flooring in select units, and a completely new electrical system throughout the property - significantly reducing the capital expenditure burden for a new investor. SB 721 balcony inspections have been completed and approved with the City of Long Beach, eliminating a common compliance concern for buyers of properties built before 2000. The property delivers a 6.14% cap rate on current income with a clear path to a 7.03% proforma cap rate through maximum allowable rent increases under AB 1482. This is an investment opportunity for a buyer seeking stable cash flow with built-in upside through strategic management.

Location

State CA

County Los Angeles

Area 7 - North Long Beach

Interior

Heating Electric

Laundry Laundry Area

Exterior

Garage Spaces 4.0

Pool None

View Local/Neighborhood

Building

Water District - Public

Others

Tax ID 7115023025

Special Listing Condition Not Applicable

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JLee Broker

+1(650) 857-1000

Broker | License ID: 00851314

Broker License ID: 00851314

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1005 E Harding ST Long Beach, CA 90805

JLee Broker

Key Details

Location

Interior

Exterior

Building

Others

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