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    720 Maine Avenue

    Long Beach, CA 90813
    • $2,589,000
    • STATUS: Active Under Contract
    • ON SITE: 252 days
    • ID#: PW20011004
    Under Contract
    UPDATED: 53 min ago
    $2,589,000
    • 0
      BEDS
    • 0.17
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 7,068
      SQFT
    • $366
      $/SQFT
    Type:
    Multi-Family
    Built:
    1965
    County:

    School Ratings & Info

    Description

    The Maine Avenue Apartments, an 8 unit apartment building in walking distance to Downtown Long Beach, CA. Maine Avenue Apartments offer an attractive mix of (2) 3-Bedroom 2 Bath, and (6) 2 Bedroom 1 Bath Units. This is an all electric building to decrease utility costs. As well as high speed wi-fi provided to residents for greater satisfaction and occupancy. These spacious units set this property apart with square footage ranging from 850 +GG 985 SQFT. With 10 garages plus 7 additional parking spaces and storage areas for potential income, there is ample parking for the property as well as recent renovations including engineered hardwood flooring, fresh paint, and stainless steel appliances. Situated on a cul de sac cuts down on traffic, noise and is safe for tenants to enjoy. All New Energy efficient upgrades and low pressure aerated shower and faucets. Located in the Wilmore District, the building has easy access to freeways. The investment has potential for a 5.8%+ Cap Rate and a 12.6 GRM on market rents. It is 100% occupied with no section 8 tenants. The property has recent renovations including engineered hardwood flooring, fresh paint, and stainless steel appliances.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-09-25T15:33:44.593. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or A|G Amaya Group Real Estate. Licensed in the State of California, USA.

    www.amayarealestategroup.com/homes/102350594
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    720 Maine Avenue Long Beach, CA 90813

    • Price: $2,589,000
    • Status: Active Under Contract
    • Updated: 53 min ago
    • ID#: PW20011004
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.17
    Acres
    7,068
    SQFT
    $366
    $/SQFT
    1965
    Built
    Neighborhood:
    4 - Downtown Area, Alamitos Beach
    County:
    Los Angeles
    Area:
    4 - Downtown Area, Alamitos Beach
    Property Description
    The Maine Avenue Apartments, an 8 unit apartment building in walking distance to Downtown Long Beach, CA. Maine Avenue Apartments offer an attractive mix of (2) 3-Bedroom 2 Bath, and (6) 2 Bedroom 1 Bath Units. This is an all electric building to decrease utility costs. As well as high speed wi-fi provided to residents for greater satisfaction and occupancy. These spacious units set this property apart with square footage ranging from 850 +GG 985 SQFT. With 10 garages plus 7 additional parking spaces and storage areas for potential income, there is ample parking for the property as well as recent renovations including engineered hardwood flooring, fresh paint, and stainless steel appliances. Situated on a cul de sac cuts down on traffic, noise and is safe for tenants to enjoy. All New Energy efficient upgrades and low pressure aerated shower and faucets. Located in the Wilmore District, the building has easy access to freeways. The investment has potential for a 5.8%+ Cap Rate and a 12.6 GRM on market rents. It is 100% occupied with no section 8 tenants. The property has recent renovations including engineered hardwood flooring, fresh paint, and stainless steel appliances.
    Exterior Features

    Garage Spaces 10.00 Lot Features Landscaped Lot Size Source Assessor Lot Size Units Square Feet Parking Total 17.00 Pool Features None Pool Private YN No Property Attached YN Yes

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 2+ Common Walls Heating Radiant Heating YN Yes Laundry Features Community Levels Two

    Property Features

    Additional Parcels YN No Building Area Units Square Feet Cap Rate 5.00 Community Features Suburban Country Us Elevation Units Feet Fuel Expense 0.00 Garage Rental Rate 1200.00 Gross Income 184760.00 Gross Multiplier 13.78 Gross Operating Income 180187.00 Gross Scheduled Income 185760.00 Insurance Expense 2474.00 Land Lease YN No Laundry YN Yes Net Operating Income 128066.00 New Construction YN No New Taxes Expense 32583.00 Number Of Separate Electric Meters 8 Number Of Separate Gas Meters 0 Number Of Separate Water Meters 0 Operating Expense 52121.00 Operating Expense Percent 28.00 Professional Management Expense 0.00 Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Total Expenses 52121.00 Trash Expense 0.00 Vacancy Allowance 5573 Vacancy Allowance Rate 3.00 Water Sewer Expense 0.00 Water Source Public Year Built Source Public Records Zoning Lbpd10

    Listing provided courtesy of Gary Tolfa of Triqor Group


    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-09-25T15:33:44.593. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or A|G Amaya Group Real Estate. Licensed in the State of California, USA.

     
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    A|G Amaya Group Real Estate
    27150 Eucalyptus Ave., Suite A
    Moreno Valley CA, 92555