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Gladys Property

2 Multifamily Properties Offered at $5,900,000 in Long Beach, CA

Investment Highlights

  • First Time On Market In 50 years – Pride of Ownership Immaculately Maintained
  • Considerable Value Add - Rents Well Below Market
  • Well Maintained Building, New Roofs in 2022, Copper Plumbing
  • Majority 2 Bedrooms in Bluff Heights Neighborhood
  • Individually Metered for Gas & Electric, Laundry Room
  • Two Parcels Two Buildings, Ten (10) Enclosed Garages / Eight (8) Tandem

Executive Summary

We are proud to present this well-maintained property located in the desirable Bixby Park neighborhood. Both buildings are very well maintained with updated copper plumbing and roofs redone in 2022. There is considerable value add with approximately 50% in rental upside. This property offers a unit mix with (18) eighteen two-bedrooms and (2) two one-bedroom. Each unit is individually metered for electricity and gas, providing residents with greater control over utility costs. Recent upgrades include copper plumbing, vinyl windows, and a new roof. The property is on two parcels, two ten units each, eliminated the requirement for an onsite manager. This property offers its tenants with ample parking with Ten (10) Enclosed Garages and eight tandem spaces. The units themselves are well-appointed with gas cooking, electric heating, ceiling fans, and wall heaters ensuring a comfortable living environment.

Property Facts

Price $5,900,000
Price / SF $390.21 / SF
Cap Rate 3.73%
Sale Type Investment
Status Active
Number of Properties 2
Individually For Sale 0
Total Building Size 15,120 SF
Total Land Area 0.30 AC

Properties

Property Name / Address Property Type Size Year Built Individual Price
367 Gladys Ave, Long Beach, CA 90814 Multifamily 7,560 SF 1964 -
375 Gladys Ave, Long Beach, CA 90814 Multifamily 7,560 SF 1964 -
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  • Listing ID: 34011408

  • Date on Market: 11/26/2024

  • Last Updated:

  • Address: Gladys Property, Long Beach, CA

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