Long Beach, CA 90813 1464 Gardenia Avenue
$2,250,000
28 more
Presented By: Anthony Walker with Buckingham Investments, Inc; 310-561-4776
Home Details
Totally remodeled, turnkey 8-unit (6+2 brand new ADU's) property in a high demand rental area of Long Beach. Great unit mix with one 3 bed/1 bath unit, five 2 bed/1 bath units, and two brand new 1 bed/1 bath detached ADU's. High yield, low expense property at an in-place cap rate of 5.8% and a GRM of 11.15 with an additional 8% in upside to a market cap rate of 6.5% and a 10.30 GRM. Extensively renovated property including exterior refresh, new windows, main electrical panel, controlled access, low-water landscaping, common areas, and lighting. 5 out of 6 existing units upgraded with new vinyl flooring, new kitchens, bathrooms, paint, and lighting. Two brand new 1 bed/1 bath ADUs just completed at the rear of the property separated by a new turf courtyard. ADUs include mini-split AC units, in-unit laundry hookups, open concept kitchen/living areas, stainless steel appliances, high grade cabinets, quartz countertops, and full-sized bathrooms. Parking for 3-4 cars in the rear of the property.
Presented By: Anthony Walker with Buckingham Investments, Inc; 310-561-4776
Interior Features for 1464 Gardenia Avenue
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 FeaturesInside
Street SuffixAvenue
Total Stories2
Other Rooms
Entry Level1
General for 1464 Gardenia Avenue
Additional Parcels Y/NNo
Attached Garage No
Building Area UnitsSquareFeet
Cap Rate5.8
Carport Y/NNo
CityLong Beach
Community FeaturesUrban
CountyLos Angeles
Days on Market22
DirectionsEast side of Gardenia, off of Cherry.
Electric Expense570.25
Entry LocationLevel 1
Fuel Expense570.25
Garage Spaces0.0
Garage Y/NNo
Gross Income201804.0
HOA / Comm AssnNo
Home Warranty Y/NNo
Insurance Expense8946.0
Land Lease Y/NNo
Lease Considered Y/NNo
Lease Renewal Y/NNo
LevelsTwo
Listing TermsCash, CashtoNewLoan, Conventional
Lot Size Square Feet6076.0
MLS Area9 - Poly High
MaintenanceExpense9586.0
MobileHomeRemainsYNNo
Net Operating Income131229.0
New ConstructionNo
Open Parking Spaces3.0
Operating Expense60484.0
Pool FeaturesNone
Private PoolNo
Property Attached Y/NYes
Property Sub Type AdditionalApartment
Property SubTypeApartment
Property TypeResidentialIncome
Rent Control Y/NYes
Senior Community Y/NNo
SewerPublicSewer
Special Listing ConditionsStandard
Standard StatusActive
StatusActive
Stories2
Street NameGardenia
Subdivision NamePoly High (PH)
Tax Lot2
Taxes$28,125
Total Units8
Trash Expense570.25
View Y/NNo
Water Sewer Expense570.25
Waterfront Y/NNo
Year Built1953
Year Built SourceAssessor
ZoningLBR2N
Exterior for 1464 Gardenia Avenue
Building Area Total5112.0
Crops Included Y/NNo
Horse Y/NNo
Irrigation Water Rights Y/NNo
Lot FeaturesItem610UnitsAcre
Lot Size Acres0.1395
Lot Size Area6076.0
Lot Size SourceBuilder
Lot Size UnitsSquareFeet
Number of Buildings2
Number of Separate Electric Meters8
Number of Separate Gas Meters8
Number of Separate Water Meters1
Open Parking Y/NNo
SpaNo
Total Parking3.0
Water SourcePublic
Additional Details
Price History
Stephen Pliaconis
Pliaconis Realty Group REALTOR® DRE 02015480