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Key Details
Sold Price $2,000,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Subdivision Wrigley Heights (Wh)
MLS Listing ID PW19205897
Sold Date 12/06/19
HOA Y/N No
Year Built 1963
Lot Size 7,971 Sqft
Property Description
125 Spring Street is a 9-unit investment opportunity in the Wrigley-Memorial Heights neighborhood of Long Beach. Built in 1963, the building features (4) two-bedroom/one-bath units and (5) one-bedroom/one-bath units, as well as (6) garages. Wrigley-Memorial Heights offers commuters quick access to all parts of Long Beach and Greater Los Angeles via major freeways as well as the Metro Blue Line, which runs between Downtown Long Beach and Downtown Los Angeles, with 22 stops along the way. Also in close proximity are employment and retail hubs - the Douglas Park office park and the Long Beach Exchange. The city is also in the midst of planning for the Globemaster Specific Corridor, the 93-acre site formerly home to Boeing’s C-17 manufacturing site. Recently purchased by Goodman Group, plans will potentially encompass commercial and residential projects. This property provides an excellent opportunity for an investor to own an asset with over 18 percent upside potential in a dynamic and growing location. Wrigley Heights is a hidden gem that is well- known for both its name and its tradition as a well-established historic neighborhood. As one of the earliest developments of Long Beach, this neighborhood has seen a lot of change but remains largely untouched by time. Tidy streets lined with palm trees and carefully tended lawns give this area the nostalgic feeling of suburban America.
Location
State CA
County Los Angeles
Area 5 - Wrigley Area
Zoning LBR4N
Interior
Fireplace No
Laundry Laundry Room
Exterior
Parking Features Garage
Garage Spaces 6.0
Garage Description 6.0
Pool None
Community Features Street Lights, Sidewalks, Urban
Total Parking Spaces 6
Private Pool No
Building
Lot Description 6-10 Units/Acre
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 7206020039
Energy Description 1012.0
Acceptable Financing Cash, Cash to New Loan, 1031 Exchange
Listing Terms Cash, Cash to New Loan, 1031 Exchange
Financing Cash to New Loan
Special Listing Condition Standard
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Adrian Castillo
Principal/Realtor | CA DRE#01308935
Principal/Realtor CA DRE#01308935