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1141 E 16th Street

Long Beach, CA 90813

– beds
– baths
– sqft
6,468 sqft lot
1963 build
– on site

Beautifully restored 9 unit building in the Poly High neighborhood of Long Beach- Central Long Beach. Pride of ownership property, same owner over 40 years. The property was just painted less than a year ago. Sandblasted, new stucco, paint, wood trim. Great mix of 17 bedrooms and 10 baths. The Landlord currently uses the front (one bedroom) unit as his office, where he spent approx $15,000 in capital expenditures- gutting the unit and placing new floors, cabinets, counters, bathroom fixtures, shower stall, plumbing. It will be available at close (or prior if needed) and can easily be rented for $1800-$2000. A few other units have had nice capital expenditures as well in last 24 months. You have a total of 6 newer garage doors, plus 6 parking spaces. Perfect for long term investor looking for a property that cashflows nicely. Current gross market rent is apprx. $220,800. Rent increases have been issued, and rent on March 15, 2024, increases by max 8.8% (California Rent Control), to $238,000, plus small laundry income. 7.8% Cap Rate based on PRESENT rent. Property sold AS-IS. Please send Proof of Down Payment, Letter of Interest (if applicable) from commercial bank, with offers.

Listed By CRMLS_CA / Robert Castro / Southern Cal Realty / 714-984-3426

Last checked: Checking… • Last updated Mar 10, 2024 •

MLS# DW24022648 —

The Building

Year Built:

1963
Year Built Source:

Assessor
New Construction:

No
Construction Materials:

Drywall Walls, Frame, Plaster, Stucco
Architectural Style:

Traditional
Exterior Features:

Rain Gutters
Entry Level:

1
Foundation:

Slab
Accessibility Features:

2+ Access Exits, Parking
Common Walls:

1 Common Wall
Building Area Total:

6835.00
Building Area Units:

Square Feet
# of Buildings:

1
Total Number Of Units:

9
Stories Total:

2
# of Separate Gas Meters:

9
# of Separate Water Meters:

1
# of Separate Electric Meters:

9

Interior

Features:

Ceiling Fan(s), Granite Counters
Levels:

Two
Entry Location:

Front and Stairwell
Flooring:

Laminate, Tile
Fireplace:

No
Fireplace:

None
Laundry:

Common Area
Laundry:

1

Financial & Terms

Disclosures:

Rent Control

Location

Directions:

South of PCH, West of Alamitos. On 16th Street between MLK Ave and Alamitos
Latitude:

33.78739200
Longitude:

-118.17753800

The Property

Property Type:

Residential Income
Subtype:

Apartment
Property Condition:

Turnkey, Updated/Remodeled
Zoning:

LBR34
Lot Features:

Front Yard, Garden, Landscaped, Rectangular Lot
Lot Size Area:

6468.0000
Lot Size Acres:

0.1485
Lot Size SqFt:

6468.00
Lot Size Source:

Assessor
View:

None
Fencing:

Average Condition, Chain Link, Wood, Wrought Iron
Fence:

Yes
Security Features:

Carbon Monoxide Detector(s), Security Lights, Smoke Detector(s), Window Bars
Property Attached:

1
Additional Parcels:

No
Land Lease:

No

Listing Agent

Contact info:

Taxes

Tax Census Tract:

5752.01
Tax Tract:

9
Tax Lot:

9

The Listing

Buyer's Brokerage Compensation:

2.000%
Special Listing Conditions:

Standard
Buyer's Brokerage Compensation:

$2
Parcel Number:

7268023009

Heating & Cooling

Heating:

1
Heating:

Forced Air
Cooling:

No
Cooling:

None

Utilities

Utilities:

Cable Connected, Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Sewer:

Public Sewer
Electric:

Standard
Water Source:

Public

Appliances

Appliances:

Gas & Electric Range
Included:

Yes

The Community

Subdivision:

Poly High (PH)
Subdivision:

Poly High (PH)
Senior Community:

No
Features:

Biking, Curbs, Park, Sidewalks
Pool:

None
Private Pool:

No
Spa Features:

None
Inclusions:

Laundry machines (and dryers) Currently LEASED.
Association:

No
Assessments:

No
Assessments:

None

Parking

Parking:

Yes
Parking:

Assigned, Direct Garage Access, Driveway, Driveway - Combination, Concrete, Garage Faces Front, Garage Faces Rear, Garage - Single Door, Parking Space, Public
Parking Spaces:

12.00
Garage Spaces:

6.00
Carport Spaces:

6.00

Explore the Area

My Commute

From

Walk Score®

Provided by WalkScore® Inc.

Bike Score®

Provided by WalkScore® Inc.

Transit Score®

Provided by WalkScore® Inc.

Soundscore™

Provided by HowLoud

Sale history

Date	Event	Source	Price	% Change
1/31/24 Jan 31, 2024	Listed / Active	CRMLS_CA	$2,400,000

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This multifamily located in Central Long Beach, Long Beach, CA 90813 is currently for sale for $2,400,000. 1141 E 16th Street is a – square foot multifamily with – beds and – baths that has been on Estately for 89 days. 1141 E 16th Street is in the Central Long Beach neighborhood of Long Beach and has a WalkScore® of 88, making it very walkable. This multifamily is in the attendance area of Whittier Elementary School, Polytechnic High School, and Franklin Classical Middle School.

Listing Courtesy of: CRMLS_CA and Southern Cal Realty. Based on information from California Regional Multiple Listing Service, Inc. as of 08:58 on Apr 27.

This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

The offer of compensation listed above is made to, and can only be accepted by, participants of the multiple listing service in which this listing is filed.