Titled 4-plex with a non-conforming unit (5 units total) in Long Beach, CA
Titled 4-plex with a non-conforming unit cash flows approx $6900/month. Without any unexpected maintenance the property produces a profit of about $400/month with full occupancy, which includes my owners first(impounded) and second mortgage, utlilities, pest service, gardeneing service, and management fees.
It's a large lot with large and unique units where a lot of value can be added. Not any comparables really.
5 units
10 bedrooms
3 bonus rooms
5 Full bathrooms
3 3/4 bathrooms
7 garage space
6 uncovered assigned parking spaces
Lot size approx 9500sqft
Habitable space size approx 5500sqft
My owner wants to sell if he can get $995,000. From what I understand there is a lot of cash investors who need property to park their money. Considering the size of the lot, the size of the units, and the amount of value that can be added myself and the owner are thinking now is the time to place it on the market.
What do you all think? What can I expect? I am inexperienced and not a Realtor, but licensed.