Long Beach, CA 90814 2930 E 5th Street
$3,450,000
5 more
Presented By: Kevin King with Marcus & Millichap; [email protected]
Home Details
We are pleased to present an eight unit multifamily asset located at 2930 E 5th Street in Long Beach, California. Built in 1963, the subject property
consists of 6,702 rentable square feet spread throughout a 0.15 acre lot. The building consists of seven 2-Bedroom / 1- Bathroom units and one 3- Bedroom/ 2-Bathroom unit.
Owners enjoy the high demand for rentals in a coastal city of Southern California. Located just off the retro row corridor of 4th street, 2930 E 5th is considered a "walker's paradise" with a "walk score" of 91, ideal for tenants who can easily get to restaurants, shopping, entertainment, and schools by foot. Tenants are also easily able to commute to large employment centers like Downtown Long Beach and CSULB, both just a few miles away. In addition, all of the eight units have been extensively renovated, including, but not limited to, new flooring, new cabinets, new fixtures, new electrical subpanels, and new paint. Those units are achieving top of market rents, demonstrating the viabilty of this asset in a prime Belmont Heights location.
The city of Long Beach continues to progress forward and is currently experiencing major redevelopment. The Long Beach port is undergoing $4.4 billion in future redevelopment that will create 14,000 new and permanent jobs in Southern California. The city is undergoing a building boom with more than $5 billion in private and public investments in various stages of development. The new $520 million Long Beach Civic Center development will house a new City Hall, Port of Long Beach headquarters and the Main Library. Long Beach sustains its ability to attract renters due to its strong economy and quality of life. This is an excellent opportunity to acquire a quality asset in a great location with strong current income that will provide a stable return.
Presented By: Kevin King with Marcus & Millichap; [email protected]
Interior Features for 2930 E 5th Street
Other Interior Features
Air Conditioning Y/NNo
Basement (Y/N)No
Common WallsItem2CommonWalls
Electric On Property Y/NNo
Fireplace Y/NNo
Heating Y/NNo
Laundry FeaturesCommonArea
Street SuffixStreet
Total Stories2
Other Rooms
Entry Level1
General for 2930 E 5th Street
Additional Parcels Y/NNo
Attached Garage No
Building Area UnitsSquareFeet
Carport Y/NNo
CityLong Beach
Community FeaturesCurbs, StreetLights, Sidewalks
CountyLos Angeles
Days on Market39
DirectionsNear Redondo Avenue & 4th Street
Electric Expense2424.0
Entry LocationSide of Building
Fuel Expense2424.0
Garage Spaces4.0
Garage Y/NYes
Gross Income257554.0
HOA / Comm AssnNo
Home Warranty Y/NNo
Insurance Expense5940.0
Land Lease Y/NNo
Lease Considered Y/NNo
Lease Renewal Y/NNo
LevelsTwo
Listing TermsCash, CashtoNewLoan
Lot Size Square Feet6534.0
MLS Area699 - Not Defined
MaintenanceExpense4500.0
MobileHomeRemainsYNNo
Net Operating Income177281.0
New ConstructionNo
Operating Expense80273.0
Pool FeaturesNone
Private PoolNo
Property Attached Y/NYes
Property Sub Type AdditionalApartment
Property SubTypeApartment
Property TypeResidentialIncome
Rent Control Y/NNo
Senior Community Y/NNo
SewerPublicSewer, SepticTypeUnknown
Special Listing ConditionsStandard
Standard StatusActive
StatusActive
Stories2
Street Name5th
Tax Lot11
Taxes$42,610
Total Units8
Trash Expense2424.0
View Y/NNo
Water Sewer Expense2424.0
Waterfront Y/NNo
Year Built1963
Year Built SourceAssessor
ZoningLBR2N
Exterior for 2930 E 5th Street
Building Area Total6702.0
Crops Included Y/NNo
Horse Y/NNo
Irrigation Water Rights Y/NNo
Lot FeaturesItem610UnitsAcre
Lot Size Acres0.15
Lot Size Area0.15
Lot Size SourceAssessor
Lot Size UnitsAcres
Number of Buildings1
Number of Separate Electric Meters8
Number of Separate Gas Meters8
Number of Separate Water Meters8
Open Parking Y/NNo
SpaNo
Total Parking4.0
Water SourcePublic
Additional Details
Price History
Stephen Pliaconis
Pliaconis Realty Group REALTOR® DRE 02015480