404 E Freeland, Long Beach, CA 90807
- $1,450,000
- List Price
- $1,450,000
- Status
- ACTIVE
- MLS#
- RS26207276
- Year Built
- 1945
- Lot Size
- 9,503
- Acres
- 0.22
- Lot Location
- 16-20 Units/Acre, Front Yard, Landscaped, Near Public Transit, Street Level
- Days on Market
- 6
- Property Type
- Multifamily
- Property Sub Type
- Quadruplex
- Stories
- Two Levels
- Neighborhood
- Bixby Knolls (Bk)
Property Description
Fully leased Bixby Knolls fourplex with approximately 16% rental upside and potential to add up to four detached ADUs—a path to doubling the unit count. Situated on an approximately 9,498 SF lot, the property features four 2-bedroom, 1-bath units totaling approximately 3,256 SF, four detached garages, and seven surface parking spaces. All units were renovated in 2019 with mini-split heating and cooling and upgraded appliances. Current rents average approximately $2,457 per unit, with projected rents of $2,850 following light interior updates on turnover. Annual scheduled income totals approximately $127,718, including ancillary income, with projected income of $151,370 through rent growth and full garage and parking rentals. This supports a projected 7.27% cap rate at the $1,450,000 asking price, excluding any future ADU income. The rear garage footprint offers potential for up to four detached ADUs while retaining surface parking, subject to buyer verification and City approval. Separately metered gas and electricity, on-site laundry, and proximity to Atlantic Avenue dining, shopping, and the 405/710 freeways round out the offering.
Additional Information
- Pool Description
- None
- Heat
- Wall Furnace
- Roof
- Shingle
- Garage Spaces Total
- 4
- Sewer
- Public Sewer, Sewer Assessment(s)
- Water
- Public
- Attached Structure
- Detached
- Number Of Units Total
- 4
- Gross Scheduled Income
- $127,718
- Operating Expense
- 40904
Listing courtesy of Listing Agent: Andrew McAllister (drew@nrecommercial.com) from Listing Office: eXp Realty of Greater L.A.
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