2055 E 3rd Street, Long Beach, CA 90814

$5,300,000
Sold Price
$5,300,000
List Price
$5,450,000
Closing Date
Mar 31, 2022
Status
CLOSED
MLS#
PW22004854
Year Built
1927
Lot Size
9,400
Acres
0.2158
Lot Location
Item1115UnitsAcre
Days on Market
0
Property Type
Multifamily
Neighborhood
Alamitos Heights (Ah)

Property Description

Casa 2055 is a pristine 13-unit multifamily investment asset located at 2055 E. 3rd Street in the prime rental submarket of Alamitos Beach. Of the 13 units, the property offers a favorable mix:one 2 BD/1 BA, six 1 BD/1BA, four of which have dens, and six studio units, four of which have brand-new high end murphy beds; all of which are sizable Casa 2055 provides a new buyer with a very rare opportunity to acquire an attractive, meticulously renovated, turnkey and fully stabilized asset in a highly desirable rental market boasting strong cash-flows with long-term appreciation. Revenue increases can be achieved over time through parking, storage and yearly market-permitted rent increases. Casa 2055 has undergone extensive exterior and interior renovations, electrical, plumbing and mechanical system upgrades, which total over $600K in capital expenditures (see pages 14 and 15 of the offering memorandum for a complete list of renovations). “ Spanish Revivalist" facade marries Old World Charm with designer amenities, the improvements enhance the Hacienda-style architecture with a timeless and contemporary aesthetic. Spanish tiling, ironwork, dark hardwood flooring, period correct built-ins and casement windows are married with modern appliance packages, amenities and best in-class interior finishes. Open-air hallways and walkways meander towards a drought tolerant landscaped common courtyard, providing a Spanish coastal chic indoor-outdoor ambiance. The central courtyard has the potential to be transformed into areas for dining, lounging and entertaining. The property is located in AlamitosBeach, a neighborhood popular with young urban professionals and families, nestled between Alamitos Beach and Belmont Heights. With a walk score of 94 and bike score of 88, the area offers residents a plethora of outdoor recreation and cultural destinations. The property is walkable to the dining and shopping amenities along 4th Street / Retro Row.. Real Property Management Southland (RPM) is the in-place property management company for Casa 2055. Based in Long Beach and founded in 2014, RPM employs a combination of eight experienced full-time team members, part-time onsite property managers, a deep bench of reliable trade vendors, and best-in-class technology systems to deliver efficient property management services at attractive fees.

Additional Information

Pool Description
None
Garage Spaces Total
5
Sewer
Public Sewer
Water
Public
Attached Structure
Attached
Number Of Units Total
13
Gross Scheduled Income
$342,756
Operating Expense
98377

Mortgage Calculator

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Calculator source: Real Geeks

Listing courtesy of Listing Agent: Todd Hawke from Listing Office: Keller Williams - Santa Monica

Listing sold by Todd Hawke from Keller Williams - Santa Monica

Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.