Sold
32 Argonne Ave, Long Beach
- Totally remodeled 5-unit building only steps away from the sand in Belmont Shore
- All units have been extensively renovated including kitchens, bathrooms, flooring, lighting, and finishes
- Beautifully restored 1930’s building full of character
- Units newly leased at market rent, no rent rollback risk from AB 1482
- Low maintenance building with separately metered gas and electric, no landscaping
- Strong income on in-place rents at 16.76 GRM, 3.6% cap rate
- Perfect for 1031 exchange upleg
Price
$1,895,000
Annual Income
$109,707
Annual NOI
$68,612
Annual Expense
$41,095
Rental Cost Details
| # OF UNITS | # OF BEDROOMS | # OF BATHS | ACTUAL RENT | TOTAL RENT | PRO FORMA | TOTAL PRO FORMA |
| 1 | 0 | 1 | $ | $0 | $1,695 | $1,695 |
| 4 | 1 | 1 | $1,933 | $7,730 | $1,933 | $7,730 |
| TOTAL # OF UNITS | TOTAL # OF BEDROOMS | TOTAL # OF BATHS | GRAND TOTAL RENT | GRAND TOTAL PRO FORMA | ||
| 5 | 1 | 2 | $7,730 | $9,425 |
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