920 N Park

About This Property

This clean, well-maintained property presents a great opportunity for those looking to own a stable asset that is east to manage and operate. Located directly across from Drake Park in Long Beach's historic Drake Park/Wilmore City neighborhood, there are 6 large units within 2 structures on a 7,316sqft lot with 5 garages. Priced at a 10.99 GRM and 6.0% cap rate, the property offers immediate upside with 5 of 6 units eligible for rent increases, plus long-term value-add potential via 5 single-car garages that may allow for future ADU conversion. 5 of 6 units tastefully renovated in 2021 and recent capital improvements include new exterior stairs, new water heaters in 4 of 6 units, and upgraded breakers/subpanels. The lot features a charming central courtyard, and it's located across the street from the Historic Drake Park with proximity to over $8 billion in ongoing and planned development near Downtown Long Beach and the Waterfront. This is a great deal for all investors, especially those that need the end of the year tax shelter benefits and/or those currently in a 1031 exchange.

Neighborhood

This property is located in Long Beach. Want to learn more about the area?

Listing courtesy of Buckingham Investments, Inc

Listing data from CRMLS. Deemed reliable but not guaranteed.