I just sold this cool duplex at 948 N. Loma Vista Drive, Long Beach, in the Drake Park-Wilmore City area. It offers you two Craftsman-style homes on a lot.
The lot size is 8,600. I’m thinking that you might be able to add an accessory dwelling unit, or ADU, to the property to increase rental income, pending approval from the city of Long Beach.
It is located in a Historic District here in Long Beach. The property has been sold and closed escrow.
Income Breakdown of 948 N Loma Vista, Long Beach
| Unit | Beds | Baths | Actual Rent | Proforma (Projected) |
| Front House | 2 | 1 | $1,500 | $2,200 |
| Back House | 1 | 1 | $2,000 | $2,000* |
*The back house person is renting the back half of the property. That includes a backyard and a storage unit called the “Carriage house”. A typical one-bedroom, one bath unit is going to rent for about $1500 per month in the area.
The water meter is on one joint meter. Each unit has its washer and dryer.
Because the two Craftsman-style, single-family homes are tenant occupied, this is considered a “drive-by only” property. To view inside the properties, you would have to write an offer with a clause: “our offer is subject to the inspection” of the property.
You submit an offer with your pre-approval letter from a reliable bank or mortgage company if you are financing the purchase. Along with your offer, you need to provide proof of funds. That means a copy of your bank statement, investment account, or a letter from your banker on their letterhead that states they have reviewed your financial situation and you are qualified to buy.
If you are buying with cash and don’t need a loan, then proof of funds will have to accompany your offer.
Then, the seller would review the terms of your offer and consider accepting it. Upon acceptance, the listing agent and the seller would arrange a showing.
What Happens at the Showing?
Because of the Coronavirus, COVID-19, there are special documents that must be signed before viewing any real estate property in California. There are separate disclosure documents and coronavirus guidelines that must be followed. Your real estate professional must have you sign these documents for access.
Upon access, you must wear masks and gloves to view the property. Your real estate professional will accompany you on the property and will open doors and or cabinets.
It is drive by only, and do not go on the property. The tenants don’t know it is for sale. The property is located across the street from Drake Park. The seller is looking for an offer subject to inspection.
Questions about this Income Property?
For more information about 948 N Loma Vista Drive, fill out the form below.
#DrakeParkDuplex
MLS: PW21075296
