Seller's Agent in 2024
Cameron Samimi
Lyon Stahl Investment Real Estate, Inc.
(310) 259-7556
2 in this area
189 Total Sales
1133 Freeman Ave Long Beach, CA 90804
Rose Park Neighborhood
4
Beds
4
Baths
10,746
Sq Ft
0.29
Acres
Highlights
- 0.29 Acre Lot
- Woodrow Wilson High School Rated A
- Laundry Room
About This Home
As of December 20246.18% CAP RATE! Newer 1971 build. This 16 unit Pride of Ownership
asset is located in the highly coveted eastside of Long Beach.
Property not only is being offered at an amazing 6.18% cap rate
and a 10.5 GRM, but also comes with 9 Garages and 10 additional
exterior parking spaces for a total of 19 parking.
1133 Freeman has a very desirable unit mx consisting of (6)
2Bed+1Bath, (8) 1Bed+1Bath and (2) Studio+1Bath units. An
additional four 2 bedroom and 2 bathroom ADU's can be built in
the garages for approximately $600K while still maintaining 16
exterior parking spaces on the site. The 4 additional ADU's will
bring in $2600 a month each or $124,800 annually for a value of a
4.8 GRM or a 20% return annually.
The tax accessor has allocated 81% of the assets value to the
improvements giving a buyer a significant depreciation schedule
(Most buildings are 50/50). This will be a further help for a buyer
as they can currently collect 60% bonus depreciation and likely
100% retroactively if the current tax relief bill gets finalized on the
senate floor.
All units are separately metered for gas and electric and property
is impeccably maintained. This property has the best current cap
rate, price per foot, price per door GRM combo available on the
market. With upside to over a 10.5% CAP rate this property truly is
the best building you can buy right now and is perfect for any type
of investor.
CALL FOR OFFERS 8/14 5pm
All offers will have a chance to tour the asset the week of August
5th.
Last Agent to Sell the Property
Lyon Stahl Investment Real Estate, Inc. Brokerage Phone: 310-259-7556 License #02035763 Listed on: 08/05/2024
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1971
Lot Details
- 0.29 Acre Lot
- Two or More Common Walls
- Density is up to 1 Unit/Acre
Parking
- 9 Car Garage
Home Design
- Apartment
- Entry on the 1st floor
Interior Spaces
- 10,746 Sq Ft Home
- 2-Story Property
- Laundry Room
Bedrooms and Bathrooms
- 4 Bedrooms
- 4 Bathrooms
Location
- Urban Location
Listing and Financial Details
- Legal Lot and Block 40 / B
- Tax Tract Number 1234
- Assessor Parcel Number 7259018026
- $3,009 per year additional tax assessments
Community Details
Overview
- 16 Units
Building Details
- Rent Control
- 16 Separate Electric Meters
- 16 Separate Gas Meters
- 1 Separate Water Meter
- Operating Expense $101,978
- Gross Income $321,955
- Net Operating Income $203,879
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 12/02/2024 12/02/24 | Sold | $3,500,000 | +6.1% | $326 / Sq Ft |
| 08/05/2024 08/05/24 | For Sale | $3,300,000 | -- | $307 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
Agents Affiliated with this Home
-
Cameron Samimi
-
Michael Padilla
Buyer's Agent in 2024
Michael Padilla
Lyon Stahl Investment Real Estate, Inc.
(310) 420-2541
1 in this area
20 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: SB24158172
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The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
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