Condominium buy in Long Beach California

EXCELLENT ASSUMABLE FINANCING FIXED AT 3.71% THROUGH MARCH 2031. 8 units located blocks from the Beach in Alamitos Beach in Long Beach. All units have been heavily updated including new kitchens and baths. There is no work to be done. The property is professionally maintained and in excellent condition. There is rental upside to a 4.8% CAP a new Owner can achieve by raising rents. The property features onsite laundry as well a 5 garages (rented as storage) and 4 parking spaces. The existing TD can be assumed. It's a $1.390.000 loan fixed for 10 years (originated in March 2021) at 3.71% with 3 years of I/O (runs through March 2024). Earn a 5% Cash on Cash return against in place rents. There is also an opportunity to convert existing garages to ADU's. Per Cal Quake, you can add TWO units. Option 1 - one unit approx. 825 SF (1/1 or 2/1) and a studio (305 SF). Option 2 - Two studios (approx. 400 SF each). NOTE: this will take up most of the garages onsite. Option 1 could generate additional rental income of $3,200/month in income and Option 2 could general additional income of $2,800/month- Buyer to verify. If you were to build the ADU's, you'd achieve an approximate 6.2% CAP. EMAIL LA1 FOR MORE INFO AND A RENT ROLL. MLS® ID: 22140463 Listed: 3/25/22 Updated: 10/23/22 Interior Features Total Bedrooms: 8 Total Bathrooms: 8 Cooling: None Heating: Wall Furnace Exterior/Building Features Lot Size: 8,973 ft2 lot Other Property Details Area Name: 4 - Downtown Area, Alamitos Beach Garage: Yes Parking: Y Parking Total: 4.0 View: N County: Los Angeles Pool: No Zoning: LBR3S Property History Date Event Price Value 3/31/22 Price Change $2,725,000 101% Courtesy of The Agency, Jonathan Swire, Listing Contact: Based on information from California Regional Multiple Listing Service, Inc. as of 10/23/22. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.