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DESCRIPTION

The Twelfth Street Apartments are located in the City of Long Beach, a premier coastal downtown within Los Angeles County. The subject property offers an attractive unit mix consisting of Studio’s, standard 1B/1B and 2B/1B units, and large 1B/1B and 2B/1B units totaling 18,380 square feet. This 28-unit property is situated over two contiguous parcels totaling 17,008 square feet and is located within a dense urban neighborhood known for its historic culture and accessibility to the heart of Downtown Long Beach. This pride-of-ownership asset has been beautifully manicured and recently renovated to include new exterior paint, new garage doors, new windows, upgraded courtyard, stucco, and front entry wood siding. Common area amenities include but are not limited to: secured and gated front/rear entrances, courtyard with artificial turf, ambient lighting, planter beds, and outdoor furniture, two on-site laundry facilities, and four enclosed garages and 9 open parking spaces. Having been professionally managed and meticulously improved, this asset offers a buyer the opportunity to cash flow from day one while also providing continued growth and rental demand within the historic “Wilmore City” district. The Twelfth Street Apartments are well suited to provide investors with strong returns and value appreciation over the long-term investment horizon.

KEY DETAILS
  • Price:
  • $7,750,000
  • Bedrooms:
  • 0
  • Full Baths:
  • 0
  • Square Footage:
  • 18,380
  • Acreage:
  • 0.39
  • Year Built:
  • 1954
  • MLS #:
  • OC22102844
  • Street Address:
  • 201 E 12th St
  • City:
  • Long Beach
  • State:
  • CA
  • Postal Code:
  • 90813
  • County:
  • Los Angeles
  • Area:
  • Not Defined
  • Listing Status:
  • For Sale - Pending

Building

  • Number Of Floors In Unit:
  • Two
  • Number Of Units:
  • 28
  • Stories:
  • 2
  • Stories:
  • 2
  • Total # Of Buildings:
  • 2
  • Total Building Square Footage:
  • 18380
  • Walls:
  • No Common Walls
  • Year Built:
  • 1954
  • Year Built Source:
  • Public Records

Business

  • Annual Electric Expenses:
  • 5565.5
  • Annual Insurance Expenses:
  • 6410
  • Annual Trash Expenses:
  • 5565.5
  • Annual Water/Sewer Expenses:
  • 5565.5
  • Gross Income:
  • 522456
  • Net Operating Income:
  • 324505
  • Operating Expense:
  • 187502

Land

  • Approximate Lot Size Range Source:
  • Public Records
  • Conforms To Zoning:
  • Lbpd29
  • Lot Features:
  • Landscaped, Near Public Transit
  • Lot Size:
  • 17008
  • Lot Square Footage:
  • 17008

Listing

  • Community Features:
  • Street Lights, Sidewalks
  • Days On Market:
  • 10
  • On Market Date:
  • 2022-05-16
  • Originating Mls:
  • Crmls
  • Terms:
  • Cash, Cash To New Loan, 1031 Exchange

Rooms

  • Laundry:
  • Common Area

Structures

  • Garage Parking Spaces:
  • 4
  • Has Garage:
  • Yes
  • Parking Spaces:
  • 13
  • Uncovered Parking Spaces:
  • 9

Systems

  • Existing Water:
  • Public
  • Sewage Type:
  • Public Sewer

Source

  • Provided By:
  • Listing Agent Greg Bassirpou with Marcus & Millichap RE Invest

    CACRMLS
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