Sold

4676 4686 N Banner Drive

Long Beach CA, 90807

$3,950,000


$383.50 per sqft

Sold

10,300 sqft

Condo

Built in 1946

Listed by Tyler Leeson with Marcus & Millichap RE Invest 949-419-3200

Banner Gardens Apartments is a 16-unit multifamily investment property located in Long Beach, CA. The property offers attractive assumable financing at 4.06% through November 2024. Banner Gardens Apartments contains an excellent mix of studio, one, and two-bedroom floor plans with amenities including a private patio and deck (select units), hardwood and tile flooring, garage and surface parking, on-site laundry, and security doors. Additionally, 9 of 16 units have been renovated with quartz countertops, recessed lighting, shaker-style cabinetry, and more. Long Beach's strong rental metrics, including a 2021 vacancy rate of just 1.8 percent and year-over-year rent growth of 12.1 percent, are evidence of the substantial demand for rental units in the area. With current rents below market rates, Banner Gardens Apartments represents an attractive value-add opportunity for a new owner. Banner Gardens Apartments is situated in the desirable Bixby Knolls neighborhood of Long Beach, which primarily features single-family homes. Residents enjoy convenient access to everyday needs as well as a plethora of retail, dining, and entertainment options at the recently constructed Long Beach Exchange that is within 2 miles of the property. Banner Gardens Apartments is in close proximity to all levels of schooling including Barton Elementary School, Hughes Middle School, and Jordan High School. Additionally, the property benefits from its location within 1.90 miles of Interstates 710 and 405, connecting residents to employment hubs throughout Los Angeles and Orange Counties.

OC22243593

MLS ID

November 17, 2022

Listed

March 23, 2024

Updated

Map

4676 4686 N Banner Drive
Long Beach CA, 90807

Interior Features

Total Stories

2


Laundry Description

Common Area


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.34 Acres


Lot Features

Street Level


Sewer

Public Sewer

Other Property Details

Area Name

699 - Not Defined


Days on Market

123


Garage

Yes


Garage Spaces

4


Parking Total

10


View

No


County

Los Angeles


Water Source

Public


Pool

No


Pool Features

None


Zoning

LBR3S


Buyer Agency Compensation

2%

Listing History

Date

Event

Price

5/18/2023

Sold

$3,950,000

Listing Contact: 949-419-3200 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 3/23/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 3/23/2024 at 1:33 AM UTC

 

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