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$ 2,800,000
Est. payment | /mo
20 Beds
11 Baths
9,320 SqFt
$ 2,800,000
Est. payment | /mo
20 Beds
11 Baths
9,320 SqFt
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 9,320 sqft
Price per Sqft $300
MLS Listing ID 26987109
Bedrooms 20
HOA Y/N No
Year Built 1963
Lot Size 8,494 Sqft
Property Description
1512 Sherman Pl | 11-Unit Multifamily, Long Beach. 1963-built asset totaling 9,557 SF on a 15,291 SF lot in an established residential corridor near Long Beach's Eastside. The property features a balanced mix of six 2+1 units, three 1+1 residences, and two 3+2 units with eleven on-site parking spacesa structural advantage in this supply-constrained submarket. All eleven units are currently occupied and fully stabilized, with in-place rents averaging $2,129/month against market rents of $2,185 and the entire portfolio positioned to capture rent growth at each lease renewal through Long Beach rent control. Offered at $2,800,000 ($254,545/unit | $292.98/SF) with a 6.62% in-place cap rate, the real story is operational simplicity and organic growtha 6.88% pro forma cap and immediate distribution capacity as rents normalize through turnover with zero capex required.
Location
State CA
County Los Angeles
Area 3 - Eastside, Circle Area
Zoning LBR2N
Interior
Heating None
Cooling None
Fireplace No
Exterior
Parking Features Attached Carport
Total Parking Spaces 11
Building
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 7260014030
Special Listing Condition Standard
Listed by Taylor Avakian Lyon Stahl Investment Real Estate, Inc. #02060040