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11 Units - Long Beach

Properties For Sale 11 Units - Long Beach

11 Units - Long Beach Off Market Deal

20-24 Argonne St., Long Beach

DRIVE-BY ONLY. Do not disturb tenants. Tenants do not know the property is for sale. Interior inspection with accepted offer.

Offered at:
$4,050,000

Property Description

We are pleased to present an 11 unit multifamily apartment building with excellent income. Priced at just 17.3 x gross and 4.18% cap rate. Great numbers for a property in this area and condition.  

20-24 Argonne St. is two separate bungalow style buildings built in 1950. Located in the premier neighborhood of Belmont Shores, tenants have everything they need at their fingertips! Very walkable, just a few blocks to all the restaurants, bars and shops along 2nd Street. Nearby parks include Rosie's Dog Beach, Bayshore Playground and Marine Stadium Park.

Recent renovation (property was gutted down to the studs) including: custom shaker cabinets w/ quartz countertop and under mount sinks, sleek stainless steel appliance package with range, microwave/hood, refrigerator and dishwasher, LED dimmer lights throughout, wood/clad double hung windows, A/C & heat, designer cement tile by Cle Tile, frameless shower glass, audio/visual pre-wire for the tech savvy, secure gated access with keypads, all new electrical, HVAC & plumbing, new insulation, drywall and roof, best of all free laundry for all tenants. Short drive to downtown Long Beach and neighboring cities like Huntington Beach. Food, sand, and shopping are right outside the tenants doorstep.

Belmont Shore is a walkable, beachside neighborhood nestled at the eastern edge of Long Beach. This oasis has remained a hidden gem with excellent schools and surprisingly affordable rents. Fostering an unparalleled feeling of community, Belmont Shore features densely packed condos and seaside cottages where neighbors enjoy get togethers throughout the year. In addition to beachfront living, events such as the Holiday Boat Parade and the Stroll and Savor Walk call neighbors to stroll the streets and sample offerings from the many local restaurants in town. Belmont Shore is very dog-friendly, and locals enjoy dressing up their furry friends for the yearly Haute Dog Pageant or taking them for a jog on Rosie’s Dog Beach, a three-acre stretch of sand where dogs can play off the leash.

LIVING IN LONG BEACH

Long Beach is a large coastal city (i.e. on the ocean, a bay, or inlet) located in the state of California. With a population of 462,628 people and 111 constituent neighborhoods, Long Beach is the seventh largest community in California.

Housing costs in Long Beach are among some of the highest in the nation, although real estate prices here don't compare to real estate prices in the most expensive communities in California.

Unlike some cities, Long Beach isn’t mainly white- or blue-collar. Instead, the most prevalent occupations for people in Long Beach are a mix of both white- and blue-collar jobs. Overall, Long Beach is a city of professionals, sales and office workers, and service providers. There are especially a lot of people living in Long Beach who work in office and administrative support (11.77%), sales jobs (9.49%), and management occupations (9.35%).

Also of interest is that Long Beach has more people living here who work in computers and math than 95% of the places in the US.

Long Beach is one of the most attractive larger cities for people who are young, single, educated, and upwardly-mobile career starters. This makes it a good place to live for young singles in their 20s and 30s and who have undergraduate or graduate degrees and are starting their professional careers. Although Long Beach is a large city, this demographic is significant enough that young professionals will find many others like themselves here, with really good opportunities for friendships, recreation, romance, and more.

Long Beach is also nautical, which means that parts of it are somewhat historic and touch the ocean or tidal bodies of water, such as inlets and bays. Quite often, nautical areas such as these attract visitors and locals who come to enjoy the scenery and various waterfront activities.

In Long Beach, however, the average commute to work is quite long. On average, people spend 31.63 minutes each day getting to work, which is significantly higher than the national average. One bright side is that local public transit is widely used, so it may be an option to avoid the headache of driving in the heavy traffic by leaving the car at home and taking transit.

Of the large cities in America, Long Beach is one of the most car-oriented. This is reflected in the urban landscape, which features highways, wide streets, parking lots, and shopping centers of all sizes. It is also reflected in the statistics: 80.02% of people in Long Beach drive to work in their own car everyday, most often alone. So, if you're going to live in Long Beach, you'll need to learn to love driving. Alternative forms of transportation aren't very widely used or supported.

Long Beach, like many big cities in America, has a public transportation system, but the citizens of Long Beach are lucky because theirs is one of the most extensive and widely used. Many commuters choose to leave their cars at home and instead use the bus to get to and from work. In fact, for some people it is feasible to forgo car ownership entirely, avoiding the cost and headache of driving in heavy traffic. The benefits include reduced air pollution and load on the road network.

In terms of college education, Long Beach is substantially better educated than the typical community in the nation, which has 21.84% of the adults holding a bachelor's degree or graduate degree: 31.14% of adults in Long Beach have a college degree.

The per capita income in Long Beach in 2018 was $32,323, which is middle income relative to California, and upper middle income relative to the rest of the US. This equates to an annual income of $129,292 for a family of four. However, Long Beach contains both very wealthy and poor people as well.

Current Income

Ten 1-Bedroom 1-Bath $1,772
One 1-Bedroom 1-Bath $,1780
Monthly Total $19,500

Cash Flow Analysis

Gross Scheduled Income $234,000
Operating Expenses $64,350 (27.5%)
Net Operating Income $169,650

Acquisition Data

Down Payment $1,417,500 (35%)
Loan Amount $2,632,500 (65%)

Call or E Mail to request a Marketing Package and 10 Year Financial Analysis of this property. Marketing Package includes Complete Property Information, Sales and Rent Comparable Analysis. 10 Year Financial Analysis includes Complete Cash Flow Analysis, Itemized Expenses, Expected Cash Flow, Return on Initial Equity, Expected Gross Income Increase, Tax Benefits, Mortgage Principal Reduction, Expected Appreciation, Depreciation Analysis, Adjusted Cost Basis, Capital Gains Tax On Sale and more.

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