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246 E Hullett Street, Long Beach, California 90805, Long Beach, 90805 - bed, bath

246 E Hullett Street, Long Beach, California 90805 home-pic-0
ACTIVE$1,275,000
246 E Hullett Street, Long Beach, California 90805
0Bed
0Bath
3,884Sqft
5,956Lot
Year Built
1942
Close
-
List price
$1.27M
Original List price
$1.27M
Price/Sqft
$328
HOA
-
Days on market
-
Sold On
-
MLS number
PW25274680
Home ConditionPoor
Features
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $1.27M(81th), sqft - 3884(87th), beds - undefined(50th), baths - undefined(50th).

Pleased to present 246 East Hullett Street, a secure 4-unit apartment building in the heart of vibrant Long Beach, California. Built in 1942, the property consists of spacious one- & two-bedroom units. For added convenience, the property features an on-site laundry facility as well as (4) garage spaces for tenant use. This apartment building offers residents easy access to retail amenities including Trader Joe’s, banks, and the charming eateries of Bixby Knolls. With convenient access to the 91, 710 & 405 Freeways, commuting to other parts of the city is effortless. Priced at $318,750/unit for this unit mix, this property is one of the more attractive opportunities on the market. Further, through renovation of the units and increases on below market rents, this property offers phenomenal value appreciation and exceptional future cash flow.

Price History

Date
Event
Price
12/12/25
Listing
$1,275,000
03/29/22
Sold
$1,135,000
08/13/19
Sold
$915,000
09/16/02
Sold
$385,000
09/12/00
Sold
$262,000
Condition Rating
Poor
Built in 1942, this property is over 80 years old. The listing explicitly states that 'renovation of the units' is required for 'phenomenal value appreciation and exceptional future cash flow,' and the property analysis highlights 'significant capital expenditure for necessary updates and repairs' and 'substantial unit renovations.' This indicates the current condition is significantly outdated and requires substantial rehabilitation, aligning with the 'poor' category. The absence of interior photos, particularly of kitchens and bathrooms, further suggests these areas are not a selling point and are likely in need of major updates.
Pros & Cons

Pros

Income-Generating Quadruplex: The property is a 4-unit apartment building, providing multiple income streams and making it an attractive investment opportunity.
Significant Value-Add Potential: Explicitly noted opportunity for 'phenomenal value appreciation and exceptional future cash flow' through renovation of units and increasing below-market rents.
Desirable Tenant Amenities: Features an on-site laundry facility and four dedicated garage spaces, enhancing tenant convenience and property appeal.
Excellent Freeway Access: Convenient access to the 91, 710, and 405 Freeways ensures effortless commuting for residents.
Proximity to Retail & Dining: Easy access to essential retail amenities like Trader Joe’s, banks, and the charming eateries of Bixby Knolls enhances tenant desirability.

Cons

Age of Property & Potential for Deferred Maintenance: Built in 1942, the property is over 80 years old, suggesting potential for outdated systems and significant capital expenditure for necessary updates and repairs.
Requires Renovation for Maximized Returns: Achieving the advertised 'value appreciation' and 'exceptional future cash flow' is contingent upon substantial unit renovations, implying significant upfront investment and management effort.
Below Market Rents: The property currently operates with 'below market rents,' meaning immediate cash flow may be suboptimal and realizing market potential requires investment and potential tenant turnover.

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