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$ 1,348,000
Est. payment /mo
Price Dropped by $1K
328 W 8th ST Long Beach, CA 90813
2,613 Sqft Lot
UPDATED:
Key Details
Property Type Other Types
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID OC26209184
HOA Y/N No
Year Built 1923
Lot Size 2,613 Sqft
Property Sub-Type Apartment
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 ownership's utility costs. Located along a quiet, tree-lined residential street just blocks from Downtown Long Beach, 328 West 8th Street offers residents convenient access to shopping, dining, entertainment and everyday services. The property earns a Walk Score of 90, supporting a highly walkable lifestyle, while nearby access to the I-710 Freeway provides connectivity to employment centers throughout Long Beach and the surrounding region. With its renovated studio units, in-unit laundry in nearly every residence, completed electrical improvements and highly walkable Downtown-adjacent location, 328 West 8th Street offers a well-maintained multifamily asset with established improvements and an opportunity to enhance operating income through utility reimbursements.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Interior
Fireplace No
Laundry See Remarks
Exterior
Pool None
Community Features Curbs, Gutter(s), Street Lights, Sidewalks
Private Pool No
Building
Lot Description Street Level
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 7272019004
Energy Description 4250.0
Acceptable Financing Cash, Cash to New Loan, Conventional, 1031 Exchange
Listing Terms Cash, Cash to New Loan, Conventional, 1031 Exchange
Special Listing Condition Standard
Listed by Tyler Leeson Marcus & Millichap RE Invest tleeson@marcusmillichap.com, DRE #01451551