829 N Washington Place, Long Beach, CA 90813
Property · 2 recorded sales since 2016
Sold May 2020
Listing Agent: Robert Stepp (DRE #01456379) · Listing Office: Keller Williams Pacific Estate · Contact: 562-513-7800 · Bought with: Frank Abbadessa · RE/MAX College Park Realty · MLS #PW20059880 · Source: CRMLS
About this property
829 N. Washington Place is a four-unit invesment asset in a desirable Long Beach location just North of East Village Arts District, minutes to Downtown Long Beach amenities and employment opportunities. The property offers a mix of two-bedroom, three-bedroom and four-bedroom units. Each unit has a separate water heater and building is individually metered for gas and electric. The property is overparked, giving a new owner the opportunity to rent spaces to neighboring tenants for additional income. Offered at a solid 4.35% cap rate on in-place rents, the property provides potential rental upside of +/-23% and gives an investor the opportunity to own an attractive asset in an expanding rental market just outside of Downtown Long Beach. With billions of dollars in privately and publicly-funded development taking place, Long Beach is in the midst of a full-scale transformation into a premier metropolitan city, attracting an influx of new businesses, high-quality jobs and an educated, professional demographic of residents.
Listing description from the May 2020 sale, as reported to CRMLS.
Sale history
