2 comments » Investment Properties Market Report-2 to 4 units For Sale-Long Beach Real Estate
Sales of Investment properties (2 -4 units), formerly a robust market here in Long Beach have slipped into the abyss along with homes and condos for the last few years. As with Long Beach homes and condos many owners of these investment properties have been facing difficulties meeting the financial responsibilities of ownership, some have already lost their properties to foreclosure. Bank owned investment properties are starting to come available which is beginning to bring back the dormant investment property market here in Long Beach. Investors are finding some great deals, several which will deliver an instant return on investment (ROI). The days of a 14 + gross rent multiplier are gone. We are beginning to see GRM's back in the healthy 10 range once again. Many of these available properties are short sales. Given the level of attention and interest the banks have been showing short sales these days, many of these are likely to be tomorrows REO properties. There are bank owned properties in the mix already and smart investors are scooping these up rather quickly. Several smart owners who would like to get out with thier shirt still attached to their backs have also priced thier investment properties to sell. Its a good time to be out shopping. Although we are part of Los Angeles County, we do not have rent control in Long Beach. This makes Long Beach an ideal place to own and operate investment properties. There are currently 195 duplexes for sale in Long Beach.Average Price: $558,084 Average Days on Market: 102 Lowest priced duplex for sale in Long Beach: $229,900 (2 one bedroom units in North Long Beach-no financials provided) Highest priced duplex for sale in Long Beach: $5,500,000 (Totally tricked out custom duplex on the sand with 360 views - no financials provided, lol...)
There are currently 77 triplexes for sale in Long Beach.
Average Price: $655,460 Average Days on Market: 132 Lowest priced triplex for sale in Long Beach: $300,000 (1 two bedroom, 1 one bedroom and 1 single, claims a gross scheduled income (GSI) of $42k and a GRM of 7.14, not a shabby return on your investment if the numbers are for real. Located in Long Beach above Downtown Long Beach and below Wrigley.) Highest priced triplex for sale in Long Beach: $1,899,000 (1 three bedroom, 1 two bedroom and 1 one bedroom (and mysterious other income of $500 per month), with a boat dock. Claiming a GSI of $73,200 and a GRM of 25.94. Yeah, it's a trophy property, but its got location, location, location - on the canal at Bayshore in Belmont Shore - and its really nice!) There are currently 121 Four Plexes for sale in Long Beach.
Average Price: $745,425 Average Days on Market: 130 Lowest priced four plex for sale in Long Beach: $425,000 (there are 3 for sale at this price) 1) No clear details - the 2 units appear to have been combined, claims huge lot, able to build more. No financial details avaiable. Might be a short sale. 2) 1 three bedroom, 2 two bedrooms and 1 one bedrrom. Claims GSI of $48,900 and a GRM of 8.69. At this price its no wonder! 3) A mixed use property. This means you will need a commercial loan and an exceptionally large down payment - 40% or higher. Comprised of 1 storefront and 3 residential units; 2 two bedrooms and a single. Claims a GSI of $46,260 and a GRM of 9.19. Again, at this price its no wonder! Note: You do understand that there is very little chance of the bank accepting an offer anywhere near this price for the 2 short sales - don't you?
Highest priced four plex for sale in Long Beach: $1,695,000 ( 1 two story, 3 bedroom upgraded owners unit, 1 two bedroom and 2 one bedrooms. Claims a GSI of $81,240 and a GRM of 20.86. Located in the heart of Belmont Heights, this one is new on the market, clean and attractive. Contact Laurie for more information, available property lists, or to purchase investment properties in Long Beach (562) 212-5420
http://www.realestatedarwinism.com/003CB7 
Posted on Jun 28, 2008 @ 2:05 pm by Laurie.Manny
Posted in Main category, Long Beach Market Reports, Buyer Information, Seller Information, Real Estate Investments, Downtown Long Beach, Belmont Heights, Long Beach CA, Downtown Long Beach, Home Buyer Information, Seller Information, Long Beach Market Reports, Real Estate Market Reports, Belmont Shore, Belmont Heights, Wrigley, Long Beach Income and Investment Properties
 Laurie.Manny  2 feedbacks »
Comment from: Kaye Thomas [Visitor] · http://www.Move2ManhattanBeach.com  Permalink Jun 28, 2008 @ 11:23 amComment from: Laurie Manny [Visitor] · http://www.lauriemanny.com/Kaye, I agree, money needs a solid place to land, well priced income properties have always been that. Permalink Jun 28, 2008 @ 1:22 pmComment on this article This post has no comments awaiting moderation. |
