Description
3374 Santa Fe Ave is a 6-unit building built in 1957. The property is composed of (6) 2 bed + 1 bath units. 4 out of 6 units are occupied, 2 units will be delivered vacant. Each Unit is approximately 587SQFT. The average market rent in this area of Long Beach is $1,750. This allows a potential for an investor to take advantage of all the rental upside without having the added cost to relocate tenants. The owner has made a few key capital improvements over the ownership period including dual pane windows, full concrete in common area space, newer roof with warranty, newer plumbing in kitchens and bathrooms, and re-tile some of the units. The property has security gates in the front and rear of the property and has 4 parking spaces on the alley. There is one 75-gallon water heater that supplies all of the units with hot water. The property is individually metered for gas and electric. The owner pays for water, trash, and common area electricity. While the tenants pay for gas and electricity within their units. We may be able to negotiate a buyout or a relocation for the lowest paying unit. This is a value-add opportunity for an investor looking for a property in a well-located area near schools, parks, and the freeway.
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Listing Agent: John McCann
Listing Office: Lyon Stahl Investment Real Estate, Inc.
Attribution contact: 310-425-9838
