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$ 1,375,000
Est. payment | /mo
1 Bath
2,613 Sqft Lot
$ 1,375,000
Est. payment | /mo
1 Bath
2,613 Sqft Lot
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID OC26209184
Lot Size 2,613 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
328 West 8th Street is an 8-unit multifamily investment property located in Long Beach, California. 328 West 8th Street features an efficient unit mix consisting exclusively of studio apartments, with all 8 units having undergone extensive interior renovations. While finishes vary slightly by unit, the interiors generally feature vinyl plank flooring, shaker-style cabinetry, quartz countertops, subway tile backsplashes, stainless-steel appliances, range hoods, modern ceiling fans and updated paint. Bathrooms have also been modernized with tile flooring, updated showers and contemporary vanities. Seven of the eight units are equipped with in-unit washers and dryers. Ownership has invested more than $400,000 in capital improvements throughout the property, including substantial upgrades to both the interiors and exterior, resulting in a heavily modernized asset with significantly reduced near-term renovation requirements for a new owner. The property has been professionally managed and maintained, with electrical subpanels updated in 2024. The main electrical service is reported to be 200 amps, subject to buyer verification. From an operating standpoint, utilities are master-metered and currently paid by ownership, providing an opportunity for a future owner to implement a RUBS program and recover a portion of these expenses. Market underwriting assumes utility reimbursements of $50 per unit per month, creating an additional source of income while helping offset ownerships utility costs. Located along a quiet, tree-lined residential street just blocks from Downtown Long Beach
Location
State CA
County Los Angeles
Zoning Assessor
Direction Cross Streets of West 8th Street & Chestnut Avenue
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 7272019004
Acceptable Financing Cash, Conventional, Exchange
Listing Terms Cash, Conventional, Exchange
Listed by Tyler Leeson, DRE#01451551 Marcus & Millichap RE Invest
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