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1706 Sherman PL Long Beach, CA 90804
10 Beds
9 Baths
4,226 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 4,226 sqft
Price per Sqft $416
MLS Listing ID 26642011
Bedrooms 10
HOA Y/N No
Year Built 1941
Lot Size 8,502 Sqft
Property Description
PRICED TO SELL - 9.8 GRM AND 6.8% CAP WITH UPSIDE TO AN 8.3% CAP. 9 units in Long Beach NOT subject to local rent control, only subject to AB 1482 rent control - maximum annual increase of 5% + CPI. Most interiors have been updated (new kitchen cabinets, flooring, bath tile, fixtures, etc.) and property is professionally managed and well maintained. The property features multiple structures, meaning many units do not have common walls on all sides making the units more private. There are 3 garages in the rear as well as 2 surface spaces. The 2 bed unit in the rear has 2 outdoor patios attached to it. Every unit has it's own hot water heater. Currently management is not charging for parking, but new ownership could. Parking in Long Beach is at a premium and spaces/garages are worth $125-150/month - this could increase income by $700/month. There is laundry onsite and the property is fully secured. The electrical is General Electric - it's a 200 AMP main panel with 50 AMP subpanels (Buyer to verify). Qualifed Buyers can put down as little as 25% on a new 5-year loan. EARN OVER AN 11% CASH ON CASH RETURN AGAINST IN PLACE RENTS. Email LA for more information including actual expenses and a current Rent Roll.
Location
State CA
County Los Angeles
Area 3 - Eastside, Circle Area
Zoning LBR2N
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Laundry Common Area
Exterior
Parking Features Covered
Garage Spaces 3.0
Garage Description 3.0
Total Parking Spaces 5
Building
Story 1
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 7260001026
Special Listing Condition Standard
Listed by Jonathan Swire The Agency
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