Property Detail

Description

Welcome to 1052 East 5th Street, a North Alamitos Beach Bungalow Court with 4 detached homes that are expertly sited around a lushly landscaped central courtyard. The detached separation of each home creates significant privacy and tranquility for each of its residents. With ample outdoor space, every occupant of this enviable compound can enjoy additional exterior square footage that will expand their living space. Located only 5 short blocks away from the ocean, rarely do investment properties deliver such a unique and high-demand unit mix in such a fabulous location. The Front Bungalow offers 3 bedrooms, 1 bathroom, washer and dryer, private front porch and direct access to the backyard – Bungalow A offers 3 bedrooms, 2 bathrooms, including a primary bedroom suite with attached bathroom, grassy front yard and washer and dryer – Bungalow B offers 2 bedrooms, 1 bathroom and vaulted ceilings – Bungalow C offers 2 bedrooms, 1 bathroom, front porch, washer and dryer and historic architectural details. This heritage investment property has been thoroughly upgraded and its current steward has spent over $200,000 in updates complete with modern kitchens, contemporary bathrooms and numerous systems upgrades. Parking concerns are alleviated with substantial off-street parking that generate additional monthly income of $180 per month. The magic of this property is undeniable and has resulted in long-term stable tenants that display clear pride in their homes. While vacancy has been limited historically, the largest home (Bungalow A!!!) is expected to be vacant soon which makes this a strong and viable option for an owner occupant who wishes to purchase an investment property, take advantage of owner-occupied financing (only 5% down!!!) and leverage the rental income from the additional 3 units and parking spaces ($!!!). Local area investment has been impressive with a newly built 6-unit building next door, street infrastructure improvements on adjacent Cerritos Ave and an extensive list of improvements occurring at the Franklin Classical Middle School. With simple access to Retro Row, the Broadway Corridor, Bixby Park, Bluff Park and the Paths along the Pacific Ocean, the magnitude of this location is undeniable. With its dynamic unit mix, numerous contemporary upgrades, supreme layout, magical outdoor space and prime location, this investment property presents a rare opportunity to attain a crown jewel.