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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$7,592/sqft
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:
Strong Cash Flow & Cap Rate: The property offers an attractive 6% cap rate from day one, indicating immediate strong cash flow for investors.
Top Cons:
Building Age & Potential Infrastructure: Constructed in 1962, the underlying infrastructure, despite recent renovations, may require significant capital expenditures for major system replacements (e.g., plumbing, electrical, roof) in the long term.

Compared to the nearby listings

Compared against 0 nearby listings

More Insights

Built in 1962 (64 years old).
Condition: Despite being built in 1962, the property has undergone extensive recent renovations, including '2 brand-new attached ADUs' and 'most units boasting updated cabinets, flooring, kitchen, bathrooms, and exterior improvements.' The images confirm modern, virtually new kitchens with updated cabinetry, countertops, backsplashes, and appliances (including stainless steel in ADUs), and contemporary bathrooms with new vanities, fixtures, and tiling. Flooring is updated throughout with modern wood-look laminate, and some units feature mini-split AC systems. The overall condition of the living spaces and ADUs is new or virtually new, meeting current quality standards.
Year Built
1962
Close
-
List price
$2.92M
Original List price
$2.92M
Price/Sqft
$385
HOA
-
Days on market
-
Sold On
-
MLS number
PW26007076
Home ConditionExcellent
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.

S
Steven Bogoyevac
Listing Agent

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
Excellent
Despite being built in 1962, the property has undergone extensive recent renovations, including '2 brand-new attached ADUs' and 'most units boasting updated cabinets, flooring, kitchen, bathrooms, and exterior improvements.' The images confirm modern, virtually new kitchens with updated cabinetry, countertops, backsplashes, and appliances (including stainless steel in ADUs), and contemporary bathrooms with new vanities, fixtures, and tiling. Flooring is updated throughout with modern wood-look laminate, and some units feature mini-split AC systems. The overall condition of the living spaces and ADUs is new or virtually new, meeting current quality standards.
Pros & Cons

Pros

Strong Cash Flow & Cap Rate: The property offers an attractive 6% cap rate from day one, indicating immediate strong cash flow for investors.
Non-Rent Controlled Asset: Exempt from LA-City rent control, allowing for significant 8% annual rent increases (5%+CPI) and substantial future income upside.
Extensive Renovations & New ADUs: Features 10 units, including 2 brand-new ADUs, with most units boasting recent updates to kitchens, bathrooms, flooring, and exteriors, minimizing immediate capital expenditures.
Minimized Operating Expenses: Individually metered utilities (gas, electricity) and tenant-paid trash significantly reduce landlord operating costs, enhancing net income.
Prime Long Beach Location: Situated in a high-demand North Long Beach area with low vacancy rates, excellent freeway access (405, 710, 605), and proximity to major attractions and employment hubs.

Cons

Building Age & Potential Infrastructure: Constructed in 1962, the underlying infrastructure, despite recent renovations, may require significant capital expenditures for major system replacements (e.g., plumbing, electrical, roof) in the long term.
Significant Recent Price Appreciation: The current list price of $2.925M represents a substantial increase from its $1.425M sale price in January 2024, necessitating thorough due diligence on the valuation and renovation costs.
High Density & Limited Amenities: With 10 units on a 6963 sqft lot, the property likely offers limited common area amenities or green space, which could be a minor drawback for tenant appeal compared to properties with more expansive grounds.
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