Los Angeles, Residential Income – 5465 E 2nd St, Long Beach, CA 90803, USA -001-11-30T00:00:00-08:00
We are pleased to present an attractive 23 unit apartment building located in the beautiful area of Naples Island in Long Beach, CA. The subject property is situated less than one block from the ocean and walking distance to restaurants, shops, entertainment
5465 E 2nd St, Long Beach, CA 90803, USA
$5,170,000 USD
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Address5465 East 2nd Street, Long Beach
Price$5,170,000
Price Changed9.45% (-$540,000, 39 days ago)
Year Built1947
Bedrooms Total0
Living Area4,983 ft2
Lot Size (Sq.Ft.)3,999
Listing IDPW17157433
StatusActive
Parcel Number7244002030
ZoningLBR2S
Special ConditionsStandard
Days on Market130

Detailed Description: We are pleased to present an attractive 23 unit apartment building located in the beautiful area of Naples Island in Long Beach, CA. The subject property is situated less than one block from the ocean and walking distance to restaurants, shops, entertainment and retail stores on 2nd Street. This property contains (22) Studio / one-bathroom units and (1) one-bedroom / one bathroom unit. Built in 1947, the subject property was completely renovated inside and out in 2016. Exterior upgrades includes new windows, paint, full replacement of iron railings, wood structure upgrades, recent termite fumigation and redesign of all stonework. The property uses Solar Panels to drastically reduce the overall utility cost to the owner. Paid utilities are highly sought after on the rental market. Having a solar panel installation allows the building to offer all utilities paid as an incentive and a marketing differentiator while continuing to maintain lower than market utility costs. Interior upgrades include stone-counter tops, cabinetry, hardwood floors and new appliances. Nearby restaurants include Michael’s, Chianina Steakhouse, Roe Seafood, Nico’s, Riley’s and Brix at the Shore. The location is very bikeable as biking is convenient for most trips.

Laundry
Pool Private
Rent Control
Senior Community
Property Attached
Land Lease

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Address Information
Address5465 East 2nd Street, Long Beach
Street PrefixEast
Street SuffixStreet
Subdivision NameNaples (NA)
CityLong Beach
Location (MLS Area)1 – Belmont Shore/Park,Naples,Marina Pac,Bay Hrbr
County Or ParishLos Angeles
State or ProvinceCA
Postal Code90803
Postal Code Plus43902
CountryUS
Financial Information
Price Changed-9.4571%
Previous Price$5,710,000
Price per Square Foot$1,037.53
Price per Lot Square Foot$1,292.82
Price per Unit$224,783
Special ConditionsStandard
Total Expenses$100,102
Professional Management Expense$11,624
Operating Expense$99,205
Insurance Expense$8,899
Electric Expense$1,382
Water Sewer Expense$2,965
Trash Expense$1,704
Maintenance Expense$11,624
Other Expense DescriptionOn-Site
Other Expense$3,000
Gross Operating Income$290,593
Gross Income$299,580
Gross Scheduled Income$299,580
Net Operating Income$191,388
Total Actual Rent$24,965
Gross Multiplier17.26%
Tax Year2000
Tax Lot6
New Taxes Expense$58,007
Full Descriptions
Parcel Number7244002030
Detailed DescriptionWe are pleased to present an attractive 23 unit apartment building located in the beautiful area of Naples Island in Long Beach, CA. The subject property is situated less than one block from the ocean and walking distance to restaurants, shops, entertainment and retail stores on 2nd Street. This property contains (22) Studio / one-bathroom units and (1) one-bedroom / one bathroom unit. Built in 1947, the subject property was completely renovated inside and out in 2016. Exterior upgrades includes new windows, paint, full replacement of iron railings, wood structure upgrades, recent termite fumigation and redesign of all stonework. The property uses Solar Panels to drastically reduce the overall utility cost to the owner. Paid utilities are highly sought after on the rental market. Having a solar panel installation allows the building to offer all utilities paid as an incentive and a marketing differentiator while continuing to maintain lower than market utility costs. Interior upgrades include stone-counter tops, cabinetry, hardwood floors and new appliances. Nearby restaurants include Michael’s, Chianina Steakhouse, Roe Seafood, Nico’s, Riley’s and Brix at the Shore. The location is very bikeable as biking is convenient for most trips.
Lot Features21-25 Units / Acre
Community FeaturesCurbs, Sidewalks
Water SourcePublic
Laundry FeaturesNone
Sewer DescriptionUnknown
Common Walls Description2
Pool FeaturesNone
Property parameters
Year Built1947
Living Area (Sq.Ft.)4,983 ft2
Lot Size (Sq.Ft.)3,999
Lot Size SourceAssessor
Number of Buildings1
Number of Units Total23
ZoningLBR2S
Stories Total2
LevelsTwo
Water SourcePublic
Units Total23
Year Built SourceAssessor
Vacancy Allowance Rate3%
Cap Rate (For Cash Payment Only)3.7
Listed withKevin King (Marcus & Millichap)