1624 W Summit St, Long Beach, CA, 90810
Property Details
5
2
multi family
Description
Multi Family in Long Beach, CA - Bedrooms: 5 - Bathrooms: 2 - Area: 2164 sqft - Year Built: 1954 - Lot: 6521 sqft
Listing Agent: Jon Swire Brokerage: The Agency
The Best Priced Triplex in Long Beach. 3 units in Long Beach NOT subject to local rent control, only subject to AB 1482 rent control - maximum annual increase of 5% + CPI (currently 8.0%). Located on a beautiful, quiet, tree lined street. Excellent Owner User opportunity as well - live in one unit and offset your mortgage with the rent from the others. 1 1+1 and 2 2+1's. All 3 units are rented for a total of $6,100 per month (with another $350/month from Laundry & Storage). The property has a 3 car garage in the back (separate structure) which could be converted to ADU's - Buyer to verify. Adding additional units could generate significant rental income. It also features onsite laundry and has a storage space currently rented for $200/month. The property is well maintained and has been updated as follows: Completely replaced and upgraded electrical service including main and sub panels with 200 amp service (fully permitted) - done in 2025. Installed new common laundry room - done in 2023 (generates $50/mo per unit = $150/mo total).
Location
Address
1624 W Summit St, Long Beach, CA, 90810
City
Long Beach
Features and Finishes
Bedrooms: 5, Total Bathrooms: 3, Full Bathrooms: 2, Heating Features: Wall, Lot Size Acres: 0.1497, Lot Size Source: Vendor Enhanced, Lot Size Square Feet: 6520, Parking Features: Assigned, Parking Total: 3, Number of Buildings: 2, Number of Units: 3, Unit Type: Income, Bedrooms in Unit-1: 1, Bedrooms in Unit-2: 2, Total Bathrooms in Unit-1: 1, Total Bathrooms in Unit-2: 1, Full Bathrooms in Unit-1: 1, Full Bathrooms in Unit-2: 1, Unit 1 Total Actual Rent: 1700, Unit 2 Total Actual Rent: 2200, Gross Income: 77400, Gross Scheduled Income: 75000, Source Listing Status: Active, County: Los Angeles, Cap Rate: 5, Directions: 3 Units located in Long Beach NOT subject to local rent control., Source Property Type: Residential Income, Area: Westside, Source Neighborhood: Westside, Parcel Number: 7431-027-013, Postal Code Plus 4: 4041, Zoning: LBR2N, Net Operating Income: 48000, Operating Expense: 26800, Total Square Feet Living: 2164, Year Built: 1954, Levels: One Level, Living Area Source: Ven
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