1912-1918 2Nd St, Long Beach, CA 90802
19 Unit Apartment Building | $4,800,000 ($252,632/Unit) | 5.40% Cap Rate | Long Beach, CA 90802
For Sale
Active
Asking Price $4,800,000
- Property Type
-
Multifamily
- Square Feet
- 9,662 SF
Listing Contacts
Shane Young
Property Overview
YoungLewin Advisors is pleased to present a well maintained 19-unit apartment building in Long Beach, California. The property is well-located just steps from Bixby Park and the Pacific Ocean in Long Beach’s vibrant Alamitos Beach neighborhood. The property’s excellent location also offers tenants convenient access to the numerous popular dining, shopping and entertainment opportunities on Broadway, Retro Row and in the rapidly redeveloping Downtown Long Beach.
1912 East 2nd Street consists of a two-story 1923 construction building that contains 11 studios, 6 one-bed/one-bath and 2 one-bed/one-and-one-half bath units. The property is securely gated and boasts a well-maintained art deco facade, an inner courtyard, and a two-car garage in the rear. Parking is a highly sought-after amenity in this neighborhood and could demand premium additional income. The property also has RUBS in-place to lower ownership's expense. 1912 E 2nd is priced attractively at a 11.60 GRM, and a 5.40% cap rate with 20% upside in NOI to low 10 times gross and a 6.46% cap rate.
The excellent location combined with strong cash flow makes it an outstanding opportunity for an investor to add value and capture substantial potential upside in rents and long term appreciation.
1912 East 2nd Street consists of a two-story 1923 construction building that contains 11 studios, 6 one-bed/one-bath and 2 one-bed/one-and-one-half bath units. The property is securely gated and boasts a well-maintained art deco facade, an inner courtyard, and a two-car garage in the rear. Parking is a highly sought-after amenity in this neighborhood and could demand premium additional income. The property also has RUBS in-place to lower ownership's expense. 1912 E 2nd is priced attractively at a 11.60 GRM, and a 5.40% cap rate with 20% upside in NOI to low 10 times gross and a 6.46% cap rate.
The excellent location combined with strong cash flow makes it an outstanding opportunity for an investor to add value and capture substantial potential upside in rents and long term appreciation.
Property Details
- Class
- C
- Year Built
- 1923
- Stories
- 2
- Lot Size (sq. ft)
- 8,276 SF
- Units
- 19
Highlights
- Attractive Assumable Debt at 3.67% and 64% LTV
- Current 11.60 GRM and 5.40% Cap Rate
- 20% Upside in Net Operating Income
- Attractive Art Deco Architecture
- Short Walk to the Beach, Bixby Park, Retro Row, Broadway Ave, and Downtown Long Beach
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