Long Beach, CA 90813 1141 E 16th Street

$2,400,000

1141 E 16Th Street Long Beach, Ca - Image 1

1141 E 16Th Street Long Beach, Ca - Image 2

1141 E 16Th Street Long Beach, Ca - Image 3

9 more

1141 E 16Th Street Long Beach, Ca - Image 4

1141 E 16Th Street Long Beach, Ca - Image 5

1141 E 16Th Street Long Beach, Ca - Image 6

1141 E 16Th Street Long Beach, Ca - Image 7

1141 E 16Th Street Long Beach, Ca - Image 8

1141 E 16Th Street Long Beach, Ca - Image 9

1141 E 16Th Street Long Beach, Ca - Image 10

1141 E 16Th Street Long Beach, Ca - Image 11

1141 E 16Th Street Long Beach, Ca - Image 12

1141 E 16Th Street Long Beach, Ca - Image 13

Presented By: Robert Castro with Southern Cal Realty; 714-984-3426

MLS# DW24022648
01/31/2024

Request Tour
Request Info

Beds • 17
Baths • 10
SQFT • 6,835
Garage • 6

Home Details

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.

Presented By: Robert Castro with Southern Cal Realty; 714-984-3426

Interior Features for 1141 E 16th Street

Other Interior Features

Air Conditioning Y/NNo

Basement (Y/N)No

Common WallsItem1CommonWall

Electric On Property Y/NNo

Fireplace FeaturesNone

Fireplace Y/NNo

FlooringLaminate, Tile

Heating Y/NYes

Laundry FeaturesCommonArea

Street SuffixStreet

Total Stories2

Other Rooms

Entry Level1

General for 1141 E 16th Street

AccessibilitySafeEmergencyEgressfromHome, Parking

Additional Parcels Y/NNo

AppliancesElectricRange, GasRange

Architectural StyleTraditional

Attached Garage No

Building Area UnitsSquareFeet

Carport Spaces6.0

Carport Y/NYes

CityLong Beach

Community FeaturesBiking, Curbs, Park, Sidewalks

Construction MaterialsDrywall, Frame, Plaster, Stucco

CoolingNone

CountyLos Angeles

Current FinancingOther

Days on Market39

DirectionsSouth of PCH, West of Alamitos. On 16th Street between MLK Ave and Alamitos

DisclosuresRentControl

ElectricStandard

Electric Expense1680.0

Entry LocationFront and Stairwell

Exterior FeaturesRainGutters

Garage Spaces6.0

Garage Y/NYes

Gross Income187711.0

HOA0.0

HOA / Comm AssnNo

HeatingForcedAir

Home Warranty Y/NNo

Insurance Expense4800.0

Interior FeaturesCeilingFans, GraniteCounters

Land Lease Y/NNo

Lease Considered Y/NNo

Lease Renewal Y/NNo

LevelsTwo

Listing TermsCash, Conventional, Item1031Exchange, FannieMae

Lot Size Square Feet6468.0

MLS Area9 - Poly High

MobileHomeRemainsYNNo

Net Operating Income187511.0

New ConstructionNo

Number of Units Leased9

Operating Expense34589.0

Pool FeaturesNone

PossessionClosePlus3Days

Private PoolNo

Property Attached Y/NYes

Property ConditionUpdatedRemodeled, Turnkey

Property Sub Type AdditionalApartment

Property SubTypeApartment

Property TypeResidentialIncome

Rent Control Y/NYes

Security FeaturesCarbonMonoxideDetectors, SmokeDetectors, SecurityLights, WindowBars

Senior Community Y/NNo

SewerPublicSewer

Spa FeaturesNone

Special Listing ConditionsStandard

Standard StatusActive

StatusActive

Stories2

Street Name16th

Subdivision NamePoly High (PH)

Tax Lot9

Tenant PaysElectricity, ParkingFee, Telephone

Total Units9

Trash Expense540.0

UtilitiesCableConnected, ElectricityConnected, NaturalGasConnected, SewerConnected, WaterConnected

ViewNone

View Y/NNo

Water Sewer Expense3972.0

Waterfront Y/NNo

Year Built1963

Year Built SourceAssessor

ZoningLBR34

Exterior for 1141 E 16th Street

Building Area Total6835.0

Crops Included Y/NNo

FencingAverageCondition, ChainLink, Wood, WroughtIron

Foundation DetailsSlab

Horse Y/NNo

InclusionsLaundry machines (and dryers) Currently LEASED.

Irrigation Water Rights Y/NNo

Lot FeaturesFrontYard, Garden, Landscaped, RectangularLot

Lot Size Acres0.1485

Lot Size Area6468.0

Lot Size SourceAssessor

Lot Size UnitsSquareFeet

Number of Buildings1

Number of Separate Electric Meters9

Number of Separate Gas Meters9

Number of Separate Water Meters1

Open Parking Y/NNo

Parking FeaturesAssigned, Concrete, DirectAccess, DoorSingle, Driveway, GarageFacesFront, Garage, Public, GarageFacesRear, OneSpace

SpaNo

Total Parking12.0

Water SourcePublic

Additional Details

Price History

First Team Client Services

Price $2,400,000

MLS#DW24022648

List Date 01/31/2024

Property Type Multi-Family

Phone 714.964.3311

Request Tour

Request Info

Visit My Website

Similar Properties to 1141 E 16th Street

Give yourself a better position in the competitive home buying market. Complete the form to get started on your journey to purchase your dream home. Our lending partner has a wide variety of lending options available and advanced mortgage technology. As a result, our lending partner's clients enjoy a flawless experience through impeccable execution and timely communication throughout the process.

First Name

Last Name

Phone

Preferred Contact Method

None

Phone

How can we assist you?

Message