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1775 Locust Ave
Off-Market Call for Pricing
Call for Pricing
- 9 Units
- 7,176 Sq Ft
- 7,509 Sq Ft
- Unknown Cap Rate
Description
PRICE REDUCED $30K - and PRICED TO SELL. Currently under a 9 GRM and 7.1% CAP with upside to under an 8 GRM and 8.4% CAP. 9 units in Long Beach. Excellent unit mix for the area. Well-maintained and professionally managed property. Property is subject to AB 1482 Rent Control (5% + CPI increase allowed). 4 garages in the rear. On-site laundry. A number of units here are rented to Section 8 and Housing Programs - rents could easily be increased based on Payment Standards for the 90813 zip code. The 4 garages in rear could potentially be converted to ADU's - Buyer to verify. Qualified Buyers can put down as little as 25% on a new loan. Earn over 10% cash on cash against in place rents, and over 15% cash on cash at market. EMAIL LISTING AGENT FOR MORE INFO INCLUDING A RENT ROLL AND OM.
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Amenities
Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt
Property Details
| List Price | $2,019,000 |
| Property Type | Multi-Family |
| Usable Sqft | 7,176 |
| Number of Stories | 2 stories |
| Parking Spots | 0 spots |
| Year Built | 1962 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| APN # | 7269010037 |
| MLS # | 25543763 |
| Property ID | 321834556 |
| Lot Sqft | 7,509 |
| Zoning | LBR4R |
| Total Units | 9 |
| Days on Market | 197 |
| Original List Price | $2,275,000 |
| Date Updated | December 08, 2025 |
| Date Created | May 27, 2025 |
| Unit # | Beds | Baths | Current Rent | Proforma Rent |
| Unit #1 | 3 | 1.00 | $2,295 | $2,295 |
| Unit #2 | 2 | 1.00 | $1,895 | $1,895 |
| Gross Income (Yr) | $ 224,000 |
| Operating Expenses | $ 77,000 |
| Net Income (Yr) | $ 144,000 |
| Cap Rate | 7.20% |
Listing Provided By
Jonathan Swire an agent of . Lic #01336277
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Robert Crawford
REAL ESTATE AGENT