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1415 1425 Martin Luther King Jr Avenue, Long Beach, California 90813, Long Beach, 90813 - bed, bath

1415 1425 Martin Luther King Jr Avenue, Long Beach, California 90813 home-pic-0
ACTIVE$2,499,000
1415 1425 Martin Luther King Jr Avenue, Long Beach, California 90813
0Bed
0Bath
7,282Sqft
13,058Lot
Year Built
1930
Close
-
List price
$2.5M
Original List price
$2.4M
Price/Sqft
$343
HOA
-
Days on market
-
Sold On
-
MLS number
PW25047462
Home ConditionPoor
Features
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $2.50M(60th), sqft - 7282(60th), beds - undefined(50th), baths - undefined(50th).

Exciting opportunity to acquire two contiguous multifamily investment properties in Long Beach, California. This offering comprises 1415 Martin Luther King Jr. Avenue, a 1961 construction fourplex with all two-bed/one-bath units, and the adjacent 1425 Martin Luther King Jr. Avenue, a six-unit property consisting of a front duplex with a three-bed/two-bath unit and a one-bed/one-bath unit, as well as a rear fourplex with all two-bed/one-bath units. The property also offers on-site laundry and ample surface parking. The property is located in Long Beach’s Poly High neighborhood within easy walking distance of grocery stores and other amenities. Current rents offer a new investor eight percent potential upside, and there may be potential to develop four ADU’s in the large parking lot of 1415 Martin Luther King Jr. Ave (buyer to verify).

Condition Rating
Poor
The properties were built in 1930 and 1961, making them significantly older. The listing explicitly states a 'lack of renovation details' and suggests units may be in 'original or dated condition,' likely requiring 'substantial capital expenditures for deferred maintenance, systems upgrades, or modernization.' This indicates that major components, including kitchens and bathrooms, are almost certainly outdated and in need of extensive renovation and rehabilitation, aligning with the criteria for a 'poor' condition score. No interior images were provided to contradict this assessment.
Pros & Cons

Pros

Scale & Contiguity: Acquisition of two contiguous multifamily properties (10 units total) offers significant scale and operational synergies for an investor.
Value-Add Opportunity: An 8% potential upside in current rents provides an immediate path to increased cash flow and return on investment.
Future Development Potential: The large parking lot offers the potential to develop four additional ADUs, significantly enhancing unit count and long-term value.
Tenant-Friendly Amenities: On-site laundry and ample surface parking are highly desirable features for tenants, contributing to occupancy and satisfaction.
Strategic Location: Situated in Long Beach's Poly High neighborhood, offering convenient access to grocery stores and other essential amenities.

Cons

Property Age: With construction years of 1930 and 1961, the properties are older, likely requiring substantial capital expenditures for deferred maintenance, systems upgrades, or modernization to maximize rental income.
ADU Development Uncertainty: The potential for ADU development is explicitly stated as 'buyer to verify,' indicating that the feasibility and costs are not confirmed and require significant due diligence.
Lack of Renovation Details: The description does not mention any recent renovations or upgrades, suggesting units may be in original or dated condition, which could impact tenant appeal and the ability to achieve the stated rent upside without further investment.

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