1005 E Harding St - Apartments FOR SALE


Long Beach, CA 90805- Bixby Knolls
$2,400,000 USD
631-921-8158
1005 E Harding St, Long Beach, CA for Sale
$2,400,000 USD
Apartments - FOR SALE
1/21
null | 6.14% Cap Rate

1005 E Harding St
Long Beach, CA 90805
Bixby Knolls


HIGHLIGHTS

  • Attractive Unit Mix of 1BD, 2BD & 3BD Units
  • $200K+ in Recent Capital Improvements
  • 6.14% Cap Rate | 7.03% Proforma
  • New Electrical System Throughout
  • Can Be Purchased Together With 1776 Temple Ave, Long Beach

OVERVIEW

Pleased to present 1005 East Harding Street, a well-maintained 10-unit apartment community in Long Beach's desirable North Long Beach submarket. The property features a strong unit mix of three 1-bedroom/1-bath units, six 2-bedroom/1-bath units, and one spacious 3-bedroom/1-bath unit with a fireplace, generating $20,741 per month in gross scheduled rent with additional income from four garages and on-site laundry. The property is fully all-electric with no gas. Current ownership has invested approximately $200,000 in capital improvements including updated kitchens, bathrooms, plumbing, laminate flooring in select units, and a completely new electrical system throughout the property — significantly reducing the capital expenditure burden for a new investor. SB 721 balcony inspections have been completed and approved with the City of Long Beach, eliminating a common compliance concern for buyers of properties built before 2000. The property delivers a 6.14% cap rate on current income with a clear path to a 7.03% proforma cap rate through maximum allowable rent increases under AB 1482. This is an investment opportunity for a buyer seeking stable cash flow with built-in upside through strategic management.

FOR SALE DETAILS

PRICE

$2,400,000 USD

PRICE/SF

$305 USD /SF

# OF UNITS

10

PRICE/UNIT

$240,000

CAP RATE

6.14%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1947

PARKING SPACES

4

LAND DETAILS

LAND ACRES

0.19 AC

LAND SF

8,198 SF

ZONING

LBR2N

APN/PARCEL ID

7115-023-025

ASK ABOUT THIS PROPERTY

Anthony AnnunziataStrands Realty GroupMore Info
631-921-8158

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Anthony AnnunziataStrands Realty GroupMore Info
631-921-8158

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.