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801 Atlantic Avenue, Long Beach, California 90813, Long Beach, 90813 - bed, bath

801 Atlantic Avenue, Long Beach, California 90813 home-pic-0
ACTIVE$1,389,000
801 Atlantic Avenue, Long Beach, California 90813
0Bed
0Bath
3,312Sqft
3,001Lot

Price Vs. Estimate

Estimation data not available

Key pros and cons

Top Pros:
High Rental Income: Gross scheduled rents over $110,000 per year provide a strong income stream.
Top Cons:
Older Building: Built in 1914, the property may require ongoing maintenance and repairs associated with older structures.

Compared to the nearby listings

Price:$1.39M vs avg $850.0K (+$539,000)92%
Size:3,312 sqft vs avg 2,366 sqft85%
Price/sqft:$419 vs avg $34962%

More Insights

Built in 1914 (111 years old).
Condition: The property was built in 1914 but has been renovated in 2023. The description mentions new flooring, cabinetry, countertops, light fixtures, appliances, and fresh paint. The electrical system and roof were also upgraded. The images confirm the recent renovations, showing updated kitchens and bathrooms. While the building is older, the recent renovations bring it to a 'good' condition.
Year Built
1914
Close
-
List price
$1.39M
Original List price
$1.39M
Price/Sqft
$419
HOA
-
Days on market
-
Sold On
-
MLS number
SB25164581
Home ConditionGood
Features
Good View:
View-

About this home

4 renovated units located in downtown Long Beach, with gross scheduled rents over $110,000 per year! Attractively priced at 12.47 GRM and a 5.3% cap rate with upside to 10.15 GRM and 7.0% pro forma cap rate!! The current owners have invested over $150,000 into property improvements, making it perfect for a turnkey investor. The property has an attractive unit mix of (2) 3-bedroom 1-bath units and (2) 2-bedroom 1-bath units. All 4 units have been meticulously renovated in 2023 including new flooring, cabinetry, Quartz countertops, light fixtures, wall heaters, water heater, sinks, appliances, blinds, and fresh paint. The property boasts a completely upgraded electrical system in 2023, including a full re-wire, new main service panel, and sub panels, as well as a 2024 Silicone white roof! The property is individually metered for gas and electricity. Reach out today!

Price History

Date
Event
Price
07/11/01
Sold
$352,500
12/21/99
Sold
$295,000
05/16/23
Sold
$1,100,000
Condition Rating
Good
The property was built in 1914 but has been renovated in 2023. The description mentions new flooring, cabinetry, countertops, light fixtures, appliances, and fresh paint. The electrical system and roof were also upgraded. The images confirm the recent renovations, showing updated kitchens and bathrooms. While the building is older, the recent renovations bring it to a 'good' condition.
Pros & Cons

Pros

High Rental Income: Gross scheduled rents over $110,000 per year provide a strong income stream.
Turnkey Investment: Recent renovations totaling over $150,000 make it ideal for a hands-off investor.
Unit Mix: Attractive unit mix of (2) 3-bedroom and (2) 2-bedroom units caters to a broad tenant base.
Recent Renovations: All 4 units meticulously renovated in 2023 with new flooring, cabinetry, countertops, appliances, and paint.
Upgraded Systems: Completely upgraded electrical system in 2023 and a new roof in 2024 minimize future maintenance costs.

Cons

Older Building: Built in 1914, the property may require ongoing maintenance and repairs associated with older structures.
Cap Rate: The current cap rate of 5.3% may not be attractive to all investors, requiring reliance on pro forma projections.
Limited Amenity: The description does not mention amenities such as parking, laundry, or outdoor space, which could impact tenant appeal.

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