Huge Price Reduction! Bring All Offers -Welcome to The Louis - Priced at an in-place 6.03% cap rate, the Louis iis a full renovated 12 unit apartment complex located in the heart of Long Beach, CA. This well-maintained property is comprised of (2) spacious 2-bedroom/1-bath units and (10) 1-bedroom/1-bath… Read More units, all of which were extensively remodeled with permits in 2019. Interiors feature modern finishes, and the units remain in excellent condition. That same year, the exterior received a full facelift, including new paint and a refreshed façade, enhancing the building’s curb appeal. The property benefits from a stable tenant base, with approximately 10% rental upside remaining—offering investors immediate cash flow and future growth potential. Additionally, there are (6) on-site garages that present a compelling value-add opportunity: potential conversion into (3) ADUs (Accessory Dwelling Units), subject to Buyer verification. The Louis offers a rare blend of updated construction, long-term tenancy, and upside in one of Long Beach’s most active rental markets. Read Less
Property listed by eXp Realty of Greater L.A, Andrew McAllister 925-683-9203
Listing Snapshot
Days Online
49
Last Updated
Property Type
Apartment
Lot Size
0.17 Acres
Year Built
1963
MLS Number
RS25135898
30 Days Snapshot Of 90813
$617k
+26%
(avg) sold price
4
-20%
homes sold
85
-53%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1963, Building area total: 8,203, 1 building, Common walls: NoCommonWalls
Community
StreetLights, Sidewalks, Urban
Cooling
None
Expenses
Electric expense: $523, Fuel expense: $2,564, Insurance expense: $12,000, Maintenance expense: $9,000, New taxes expense: $41,273, Operating expense: $86,304, Water sewer expense: $4,106, Other expense: $3,000
Fireplaces
None
Garage
6 spaces
Heating
WallFurnace
Income
Gross income: $283,700, Net operating income: $190,089
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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