$920,000
$895,000
2.8%For more information regarding the value of a property, please contact us for a free consultation.
7,840 Sqft Lot
SOLD DATE : 09/18/2019
Key Details
Sold Price $920,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Subdivision Wrigley Area (Wr)
MLS Listing ID PW19070074
Sold Date 09/18/19
HOA Y/N No
Year Built 1938
Lot Size 7,840 Sqft
Acres 0.18
Property Description
This renovated tri-plex in the Wrigley Area is a great investment, with over $125,000 in verifiable capital improvements. The property consists of a front house (2 bedrooms, 1 bath, front and rear yard (with a large patio cover) and a detached 2-car garage. The rear duplex consists of two 1 bedroom, 1 bath units, each with a private, enclosed backyard, with washer / dryer hookups, and two 1-car garages. The duplex has been 100% renovated - new roof, new windows, new electrical service, new kitchens, new baths, new flooring, light fixtures, ceiling fans, and low maintenance landscaping and irrigation. The front house renovations include: new roof, new electrical service, new windows, new exterior paint, new back patio cover, and new low maintenance landscaping and irrigation. The duplex tenants are both on 1 year leases (one expires in Sept '19 and the other in November '19), while the front house tenant is month-to-month. A solid performing rental property for investment buyers or for owner-occupant to live in the front house and collect strong rents from the duplex to lower your overall payment (with a 10% down your share of the mortgage would be less than $1,175 per month for a 2 bedroom house!). Stop renting and own your own property! For investors, the property produces a 4.2% cap rate on actual rents and 5.5% on proforma rents. Added bonus - the new Long Beach tenant relocation ordinance doesn't apply to this building since it is less than 4 units!
Location
State CA
County Los Angeles
Area 5 - Wrigley Area
Zoning LBR2N
Rooms
Ensuite Laundry In Kitchen, Outside
Interior
Interior Features All Bedrooms Down
Laundry Location In Kitchen,Outside
Heating Wall Furnace
Flooring Laminate, Tile
Fireplace No
Laundry In Kitchen, Outside
Exterior
Garage Spaces 4.0
Garage Description 4.0
Fence Wood
Pool None
Community Features Urban
Utilities Available Electricity Connected, Sewer Connected, Water Connected
Roof Type Asphalt
Total Parking Spaces 4
Private Pool No
Building
Lot Description 0-1 Unit/Acre
Story One
Entry Level One
Sewer Public Sewer
Water Public
Architectural Style Traditional
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 7202042025
Acceptable Financing Cash to New Loan
Listing Terms Cash to New Loan
Financing Cash to New Loan
Special Listing Condition Standard
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Bought with Marilyn Martinez • Century 21 Allstars
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "