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1034 Newport AVE Long Beach, CA 90804
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Key Details
Sold Price $1,600,000
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Sold
Purchase Type For Sale
Subdivision Circle (Ca)
MLS Listing ID SB24243567
Sold Date 03/04/25
HOA Y/N No
Year Built 1972
Lot Size 6,250 Sqft
Property Sub-Type Quadruplex
Property Description
4 units in a great LB location with a 91 Walk Score, nearby shopping, dining, Rec Park and more. Attractive unit mix: 1-3BR/2BA (single story), 2-2BR/2BA (2 story townhouses) and 1-2BR/1BA (2 story townhouse). Most units remodeled with new floors, all units are spacious and with well appointed floorplans. All units have a separate water heater and all electric building. Ample parking:(3) single car garages and (1) two car garage. Garages had a brand new roof last year. Onsite laundry facility and the entire property is gated and fully secured.
The property currently grosses approx $113,700 per year and is priced attractively at a real 4.31% CAP (actual) and a 14.73 GRM. At market rents the property is a 12.50 GRM and 5.45% CAP. Approx 18% upside in current rents.
Location
State CA
County Los Angeles
Area 3 - Eastside, Circle Area
Zoning LBR4R
Interior
Fireplace No
Laundry Common Area
Exterior
Garage Spaces 5.0
Garage Description 5.0
Pool None
Community Features Suburban
Total Parking Spaces 5
Private Pool No
Building
Lot Description Level
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7258008006
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Financing Cash
Special Listing Condition Standard
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Bought with Erik Ransdell • Erik Michael Ransdell, Broker