2247 Earl Avenue, Long Beach, CA 90806

About this property

This is a unique opportunity to purchase a partially stabilized 7-unit asset in a core Southern CA market with real upside to a 6.37% cap rate. Current ownership has established a proven renovation plan by remodeling 4 out of 7 units and achieved market rents for only 57% of the building. Leaving an additional 29% upside in rents for a new owner to capitalize on. Some improvements include high end kitchen & bathroom remodels in four units, added mini split AC/heaters in two units, added in-unit washer dryers in two units, added in-unit sub panels in three units, installed artificial turf in front yard and added drought tolerant landscaping with drip new irrigation system. The building has a diverse unit mix comprised of (1) 2BD/1BA, (5) 1BD/1BA, (1) Studio units and (4) on-site garages.

Listing description from the March 2023 sale, as reported to CRMLS.

Sale history

$1,858,000

Sold March 2023 · listed $1,850,000, orig. $1,895,000, on market November 2022 · MLS #RS22234336 · Source: CRMLS

Listing Agent: Andrew McAllister · Listing Office: Nationwide Real Estate Execs · Contact: 888-314-8451 · Bought with: Nina Le · Buckingham Investments, Inc

$1,580,000

Sold February 2022 · listed $1,600,000, on market January 2022 · MLS #PW22011881 · Source: CRMLS

Listing Agent: Betsy Hutchinson · Listing Office: Coldwell Banker Realty · Contact: 562-804-1385 · Bought with: Andrew McAllister · Nationwide Real Estate Execs

$635,000

Sold February 2012 · listed $680,000, orig. $759,000, on market October 2011 · MLS #P799824 · Source: CRMLS

Listing Agent: Marna Brennan · Listing Office: Keller Williams Pacific Estate · Contact: 562-513-7800 · Bought with: Cindy Ludwig · First Team Real Estate

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