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473 E 55th Street, Long Beach, California 90805, Long Beach, 90805 - bed, bath

473 E 55th Street, Long Beach, California 90805 home-pic-0
ACTIVE$2,925,000
473 E 55th Street, Long Beach, California 90805
0Bed
0Bath
7,592Sqft
6,963Lot

Price Vs. Estimate

Estimation data not available

Key pros and cons

Top Pros:
Exceptional Cash Flow & Cap Rate: The property offers an amazing Current Cap Rate of 6% from day one, indicating strong immediate cash flow and return on investment.
Top Cons:
Age of Original Construction: Built in 1962, despite renovations, the underlying infrastructure of the property could present unforeseen maintenance or capital expenditure needs over time compared to newer constructions.

Compared to the nearby listings

Compared against 0 nearby listings

More Insights

Built in 1962 (63 years old).
Condition: Despite being built in 1962, the property has undergone extensive and recent renovations, including 'updated cabinets, flooring, kitchen, bathrooms, exterior improvements' in most units, and two 'brand-new attached ADUs.' The images confirm modern, clean bathrooms with updated vanities, fixtures, and tiling, as well as new-looking flooring throughout the living areas. The exterior appears freshly painted and well-maintained. While some older elements like popcorn ceilings and wall heaters are visible, and not all major system upgrades are explicitly detailed, the overall condition suggests a move-in ready property with minimal wear and tear, aligning with a 'Good' rating for a recently renovated older building.
Year Built
1962
Close
-
List price
$2.92M
Original List price
$2.92M
Price/Sqft
$385
HOA
-
Days on market
-
Sold On
-
MLS number
PW25239544
Home ConditionGood
Features
View-

About this home

10 Renovated Non-Rent Controlled units cash flowing at an amazing Current Cap Rate of 6% from day 1! Large unit mix of 9 (2bed/1bath) units and 1 (1bed/1bath) unit including 2 brand-new attached ADUs. Most units boast updated cabinets, flooring, kitchen, bathrooms, exterior improvements, and more. Individually metered for gas, electricity, and tenants pay their own trash further minimizing the operating expenses. Non-LA-City rent controlled asset allowing significant 8% annual rent increases (5%+CPI) for future upside. The property also offers on-site laundry and parking that generates additional income. Prime North Long Beach location minutes from the beach and central to the 405, 710 and 605 Freeways, offering tenants easy access to attractions and employers across the region. Long Beach is a popular rental market and population and employment hub with easy access to the beach, colleges (such as Cal State Long Beach), and major attractions including the Queen Mary, Aquarium of the Pacific, and more. Long Beach offers investors the opportunity to acquire assets in a coastal rental market with low vacancy rates without premium coastal pricing.

Price History

Date
Event
Price
01/16/24
Sold
$1,425,000
10/29/10
Sold
$144,000
03/31/10
Sold
$44,000
Condition Rating
Good
Despite being built in 1962, the property has undergone extensive and recent renovations, including 'updated cabinets, flooring, kitchen, bathrooms, exterior improvements' in most units, and two 'brand-new attached ADUs.' The images confirm modern, clean bathrooms with updated vanities, fixtures, and tiling, as well as new-looking flooring throughout the living areas. The exterior appears freshly painted and well-maintained. While some older elements like popcorn ceilings and wall heaters are visible, and not all major system upgrades are explicitly detailed, the overall condition suggests a move-in ready property with minimal wear and tear, aligning with a 'Good' rating for a recently renovated older building.
Pros & Cons

Pros

Exceptional Cash Flow & Cap Rate: The property offers an amazing Current Cap Rate of 6% from day one, indicating strong immediate cash flow and return on investment.
Non-Rent Controlled Asset with Upside: As a non-LA-City rent controlled asset, it allows for significant 8% annual rent increases (5%+CPI), providing substantial future income growth potential.
Extensively Renovated Units & ADUs: Comprising 10 units, including 2 brand-new ADUs, most units feature updated cabinets, flooring, kitchens, bathrooms, and exterior improvements, minimizing immediate capital expenditures.
Minimized Operating Expenses: Units are individually metered for gas and electricity, and tenants pay their own trash, significantly reducing landlord operating costs and enhancing net operating income.
Prime Long Beach Location & Market Demand: Situated in a prime North Long Beach location with excellent freeway access (405, 710, 605), proximity to the beach, colleges, and major attractions, it benefits from a popular rental market with low vacancy rates.

Cons

Age of Original Construction: Built in 1962, despite renovations, the underlying infrastructure of the property could present unforeseen maintenance or capital expenditure needs over time compared to newer constructions.
Partial Renovations Implied: The description states 'Most units boast updated...', suggesting that not all units or all aspects within units may have received comprehensive renovations, potentially leaving some deferred maintenance or older components.
Limited Specifics on Major System Upgrades: While general 'exterior improvements' are mentioned, the description lacks specific details on major system upgrades (e.g., roof, plumbing, electrical beyond individual metering), which could be a future capital expenditure consideration for an older building.

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