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Listed by Andrew McAllister, DRE #01946829 • eXp Realty of Greater L.A
$ 1,450,000
Est. payment /mo
New
404 E Freeland Long Beach, CA 90807
9,503 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Fourplex
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRRS26207276
Year Built 1945
Lot Size 9,503 Sqft
Property Sub-Type Fourplex
Source California Regional MLS
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.
Location
State CA
County Los Angeles
Area 6 - Bixby, Bixby Knolls, Los Cerritos
Interior
Heating Wall Furnace
Laundry Laundry Area, Washer/Dryer - Leased
Exterior
Parking Features Assigned Spaces, Garage, Common Parking Area, Other
Garage Spaces 11.0
Pool 31, None
Roof Type Shingle
Building
Lot Description Grade - Level
Sewer TBD
Water District - Public
Others
Tax ID 7134017007
Special Listing Condition Not Applicable
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