Residential Income – 1246 E 2nd St, Long Beach, CA 90802, USA -001-11-30T00:00:00-08:00
The 2nd Street Multifamily Portfolio is a 54-unit multifamily investment portfolio across three separately parceled properties in Long Beach, one of the premier housing markets in Southern California. Specifically, the properties are located in the Alamitos
1246 E 2nd St, Long Beach, CA 90802, USA
$17,995,000 USD
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Address1246 East 2nd Street, Long Beach
Price$17,995,000
Price Changed1.66% (-$305,000, 5 days ago)
Year Built1954
Bedrooms Total0
Living Area39,258 ft2
Lot Size (Sq.Ft.)33,803
Listing IDOC19028459
StatusActive
Parcel Number7265011008
ZoningLBR4R
Special ConditionsStandard
Days on Market46

Detailed Description: The 2nd Street Multifamily Portfolio is a 54-unit multifamily investment portfolio across three separately parceled properties in Long Beach, one of the premier housing markets in Southern California. Specifically, the properties are located in the Alamitos Beach neighborhood, just steps from the ocean, a short walk to Downtown, and minutes to Belmont Shores. Fully renovated in 2017, the portfolio offers investors three exceptionally well-appointed buildings with a clear opportunity to increase rental income by almost 6 percent. Given the demand for modern and unique housing options, the 2nd Street Portfolio provides a distinct competitive advantage over other units in the area with higher asking rents. The 39,258 square foot portfolio consists of studio, one-, two-, and three-bedroom floor plans. Originally built in 1954 and 1956,2nd Street Portfolio offers amenities including communal courtyard, custom barbecue, individual garage parking, on-site laundry facilities, controlled access, ceiling fans, hardwood floors, storage lockers, and more.

Laundry
Pool Private
Rent Control
Senior Community
Property Attached
Land Lease

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Address Information
Address1246 East 2nd Street, Long Beach
Street PrefixEast
Street SuffixStreet
Subdivision NameAlamitos Beach (AB)
CityLong Beach
Location (MLS Area)4 – Downtown Area, Alamitos Beach
County Or ParishLos Angeles
State or ProvinceCA
Postal Code90802
Postal Code Plus45769
CountryUS
Financial Information
Price Changed-1.6667%
Previous Price$18,300,000
Price per Square Foot$458.38
Price per Lot Square Foot$532.36
Special ConditionsStandard
Total Expenses$377,687
Professional Management Expense$35,022
Operating Expense$377,687
Insurance Expense$13,500
Electric Expense$5,150
Water Sewer Expense$5,150
Trash Expense$5,150
Maintenance Expense$27,000
Fuel Expense$5,150
Other Expense DescriptionOther
Other Expense$56,050
Gross Operating Income$1,167,393
Gross Income$1,201,300
Gross Scheduled Income$1,201,300
Net Operating Income$789,706
Total Actual Rent$94,185
Tax Year2000
Tax Lot6
New Taxes Expense$225,516
Full Descriptions
Parcel Number7265011008
Detailed DescriptionThe 2nd Street Multifamily Portfolio is a 54-unit multifamily investment portfolio across three separately parceled properties in Long Beach, one of the premier housing markets in Southern California. Specifically, the properties are located in the Alamitos Beach neighborhood, just steps from the ocean, a short walk to Downtown, and minutes to Belmont Shores. Fully renovated in 2017, the portfolio offers investors three exceptionally well-appointed buildings with a clear opportunity to increase rental income by almost 6 percent. Given the demand for modern and unique housing options, the 2nd Street Portfolio provides a distinct competitive advantage over other units in the area with higher asking rents. The 39,258 square foot portfolio consists of studio, one-, two-, and three-bedroom floor plans. Originally built in 1954 and 1956,2nd Street Portfolio offers amenities including communal courtyard, custom barbecue, individual garage parking, on-site laundry facilities, controlled access, ceiling fans, hardwood floors, storage lockers, and more.
Lot FeaturesLandscaped
Community FeaturesSidewalks
Water SourcePublic
Laundry FeaturesCommunity
Sewer DescriptionPublic Sewer
Pool FeaturesNone
Property parameters
Year Built1954
Living Area (Sq.Ft.)39,258 ft2
Lot Size (Sq.Ft.)33,803
Lot Size (Acres)0.776
Lot Size SourceAssessor
Number of Buildings3
Number of Units Leased54
Number of Units Total54
ZoningLBR4R
Stories Total2
Parking Spaces24
Garage Spaces24
LevelsTwo
Water SourcePublic
Units Total54
Year Built SourceAssessor
Vacancy Allowance Rate3%
Listed withTyler Leeson (Marcus & Millichap RE Invest)