Description

2 adjacent buildings located in Alamitos Beach, Long Beach, totaling 32 units. 725 & 745 Orange - TO BE SOLD TOGETHER. Subject to AB 1482 rent control (max annual increase of CPI + 5%).The buildings feature a great unit mix for the area consisting of 22 1+1's and 10 2+1's. The property also features a ton of onsite parking (40 spaces total) which is an anomaly for the area. Onsite laundry is available as well. The property is priced at a 12X GRM (5.0% CAP) against in place rents with 15% rental upside to a 10.5X GRM (6.2% CAP).The property is professionally managed and well maintained and they are separately metered for gas and electric. An investor could come in and achieve market rents by doing some interior upgrades to the units as they turn over. Initial indications are that the parking area in the rear can be updated to include 6 ADU's each averaging 650 SF - Buyer to verify. There is an existing loan with Luther Burbank Savings fixed at 3.25% through August 2026, Interest Only through August2024. Initial indications from the lender are a new, qualified buyer could take over this loan by bringing some equity to the closing table with a new loan ending up at $3,450,000 (down from the current $5,075,000). A Buyer to verify. The property is located just minutes from Downtown Long Beach where over $8BB of redevelopment is occurring. It is also a few minutes drive from the beach as well as Pikes Place featuring shopping and restaurants. For more information on the local area and all the redevelopment occurring, visit - https://la.urbanize.city/neighborhood/long-beach. EMAIL LISTING AGENT FOR AN OM INCLUDING A RENT ROLL AND ACTUAL EXPENSES.