1116 E 5th St

EXCELLENT ASSUMABLE FINANCING FIXED AT 3.71% THROUGH MARCH 2031. Earn a 5.5% CASH ON CASH return against in place income. 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. 4.6% CAP against in place rents with upside to a 6.2% CAP. 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.loan fixed for 10 years (originated in March 2021) at 3.71% with 3 years of I/O (runs through March 2024). There is also an opportunity to convert existing garages to ADU's. 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.