Building Size: 3,352
Sales Price: $1,550,000
Welcome to the charming 4 unit apartment building located at 411 E. Burnett Street, Long Beach, California. This property is a rare find for investors looking for a well-maintained and upgraded property with significant potential for future development. The location of this building, just two blocks East of Long Beach Blvd. and three blocks South of Willow St, puts it in the heart of a vibrant and growing neighborhood.
Built in 1923, but completely rehabbed down to the studs in 2022, this two-story walk-up style building offers 4 three-bedroom/one-bathroom units. The building spans approximately 3,352 rentable square feet, sits on a lot of 2,973 sq. ft., and is individually metered for gas and electricity.
One of the most significant highlights of this property is the potential for an Auxiliary Dwelling Unit (ADU). A city-approved ADU is ready to be built, providing an investor with the opportunity to add additional square footage to the property.
Currently, the property is 100% occupied with tenants enjoying the recent extensive rehab of the building. The strength of the rental market in this area makes this property an excellent opportunity for investors looking for a turnkey investment with a strong cash flow.
Located in a highly desirable area with a Walk Score of 83, this property is within close proximity to numerous forms of public transportation, making it easily accessible to residents. Additionally, the proximity to Downtown Redevelopment, with over 3.5 billion dollars under construction, provides further potential for future growth and development. The downtown area boasts new restaurants and a strong shopping corridor, making this property an attractive location for potential tenants.
Overall, this property offers investors a rare opportunity to acquire a fully renovated and upgraded income property with the potential for future development. With its excellent location, strong rental market, and significant potential for future growth, this is a property that should not be missed.
