1641 Locust Avenue

Long Beach CA 90813

0.17 ac.

Multi-Family

Last sold for $2,245,000

Kristopher German, last sold this property on 06 June 2025 after -26 days on market.

Overview

NEW PRICE! Excellent Assumable Financing Available! 3.63% Interest Rate - Fixed for 7.5 Years! We are pleased to exclusively offer for sale this 14 unit multi-family investment in the city of Long Beach. The subject property consists of 3 separate structures of which, all units are separately metered for electricity and gas. Additionally there is a RUBS system currently in place in which the tenants are charged back for all usage of water and trash. This leads to almost no utility cost for the investor. Tenants enjoy gated private entry as well as 5 enclosed garage spaces that are rented out for additional income. A majority of the electrical and plumbing has been updated within the past 7 years as tenants vacate and the units are rehabbed. The roof was replaced within the last 7 years as well. There are currently 3 vacancies that are rent ready and will be held vacant at COE for a new buyer to choose their own tenants and attain market rent immediately. This is a true value-add opportunity as there is approximately 35-40% upside in rental income. Utilizing the assumable financing that is in place, a new investor can look to enjoy a 6.7% CASH-ON-CASH return on Day 1 with the current rental rates that are in place, with an even more significant cash return available upon stabilizing the asset with market rental rates.

Features

3 bedrooms

4 bathrooms

0.17 ac. lot size

Multi-Family

Estimated Value

Based on this property and similar 3 bedroom multi families sold in Long Beach over the last 12 months, the estimated median property value of 1641 Locust Avenue is $2.28m.

Median value

$2.28m

Estimated value range

$1.05m - $4.3m

Median days on market

Estimated value trend

decrease over the last 12 months

Average days on market is based on recent, comparable sales in Long Beach. It is only an indication of the time a property is actively listed and should not be relied upon as an accurate representation of how soon a property will be sold.

Property history for 1641 Locust Avenue

2025

Sold

$2,245,000

06 Jun 2025 by Kristopher German, of RE/MAX 2000 REALTY

Happy sellers in Long Beach

We have insufficient information to provide an overview of customer satisfaction for Long Beach. Viewing the agent profiles, reviews and sales for Long Beach can provide insights for this location.