$2,350,000
$2,350,000
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0.38 Acres Lot
SOLD DATE : 05/06/2021
Key Details
Sold Price $2,350,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Subdivision East Lakewood (Elk)
MLS Listing ID SB20262799
Sold Date 05/06/21
HOA Y/N No
Year Built 1987
Lot Size 0.380 Acres
Property Description
A rare opportunity for an investor to enter the highly sought after Lakewood apartment market. Very few apartment buildings in Lakewood change hands due to the excellent rental market fundamentals/demographics of the area, which include an $89,469 median household income. Offered at a 4.12% cap rate and 15.01 GRM. Approximately 20% market rental proforma upside to a 5.38% cap rate and 12.55 GRM. The property is well located on a tree lined residential block in close proximity to Artesia High School, Willow Elementary School, and Palm Park & Community Center. Superior unit mix of six large two bedroom townhome style units plus a three bedroom house. Private patios/balconies. Individual water heaters. Full perimeter fencing/gating. Abundant on-site parking: 16 Parking Spaces (7 Garage + 8 Surface + 1 Guest). 3 Buildings, 8,326 Rentable Square Footage. 16,620 Square Foot Wrap-Around Corner Lot. 5 minute drive to both Los Cerritos Center AND Long Beach Towne Center. Convenient freeway access to the 91 and 605.
Location
State CA
County Los Angeles
Area 26 - Lakewood East
Zoning LKMFR*
Interior
Fireplace No
Laundry Common Area
Exterior
Garage Garage, Guest, Gated, On Site, Paved, Private, One Space, Uncovered
Garage Spaces 7.0
Garage Description 7.0
Fence Privacy
Pool None
Community Features Street Lights, Suburban, Sidewalks, Gated
Roof Type Composition,Shingle
Parking Type Garage, Guest, Gated, On Site, Paved, Private, One Space, Uncovered
Total Parking Spaces 16
Private Pool No
Building
Lot Description Corner Lot, Garden, Landscaped
Story 2
Entry Level One,Two
Sewer Public Sewer
Water Public
Level or Stories One, Two
New Construction No
Others
Senior Community No
Tax ID 7058019001
Security Features Closed Circuit Camera(s),Gated Community,24 Hour Security,Security Lights
Energy Description 1470.0
Acceptable Financing Cash, Cash to New Loan, Conventional
Listing Terms Cash, Cash to New Loan, Conventional
Financing Cash to New Loan
Special Listing Condition Standard
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Bought with John Mociak • Keller Williams Beach Cities
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "