611 W 5th Street, Long Beach, CA 90802
Property
Sold September 2023
Listing Agent: Soraya Powell (DRE #01108855) · Listing Office: Vylla Home, Inc. · Contact: 562-480-9884 · Bought with: Larry Bustamante · Keller Williams - Santa Monica · MLS #23288545 · Source: CRMLS
About this property
Opportunity of a lifetime! This property has 4 units with 3 bedrooms each, and 1.5 baths each. It is currently rented as a transitional facility, renting to low income tenants who are transitioning to more permanent housing. Almost like an SRO or Single Room Occupancy property. Each of the 12 bedrooms contain 2 single beds, currently renting for $550 per month for each bed. THE ACTUAL RENTS ARE BASED ON HOW MANY BEDS ARE FILLED PER MONTH. FINANCIAL CALCULATIONS ARE PROJECTED BASED ON SECTION 8 RENT VOUCHER AMOUNTS FOR SRO'S. The complex has a laundry room in one of the 2 garages and one extra parking space. Laundry room is located in one of the garages, and has 3 washers and 2 dryers. Seller pays all utilities including WiFi and cable. One block from City Hall, and Close access to Downtown, The Pike, Civic Center Project, Queen Mary Island Development, Aquarium of the Pacific, and the beach, allows tenants to enjoy everything Long Beach has to offer. This beautiful property already features your income producing business. Located in the Downtown Long Beach, Alamitos Beach neighborhood, with an impressive walk score of 88, transit score of 71 and bike score of 82, making all that downtown Long Beach has to offer easily accessible. Close access to The Pike, Civic Center and City Hall, Queen Mary Island Development, Aquarium of the Pacific, Cesar Chavez Park, and the beach, allows tenants to enjoy everything Long Beach has to offer. Please keep in mind that the projected rents vary according to how many beds are filled. The property is in the process of getting an exterior facelift.
Listing description from the September 2023 sale, as reported to CRMLS.
Sale history