PRICED TO SELL! 3.63% Assumable Financing!
14 Unit Apartment Building | $2,450,000 ($175,000/Unit) | 6.10% Cap Rate | Long Beach, CA 90813
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $2,450,000
- Property Type
-
Multifamily
- Square Feet
- 7,020 SF
Listing Contacts
Kristopher German
Verified Profile
Deepen Shah
Verified Profile
- Property Info
Property Overview
NEW PRICE! Excellent Assumable Financing Available! 3.63% Interest Rate - Fixed for 7.5 Years! Kristopher German and Deepen Shah of The Apartment Dealer are pleased to exclusively offer for sale this 14 unit multi-family investment in the city of Long Beach. The subject property consists of 3 separate structures of which, all units are separately metered for electricity and gas. Additionally there is a RUBS system currently in place in which the tenants are charged back for all usage of water and trash. This leads to almost no utility cost for the investor. Tenants enjoy gated private entry as well as 5 enclosed garage spaces that are rented out for additional income. A majority of the electrical and plumbing has been updated within the past 7 years as tenants vacate and the units are rehabbed. The roof was replaced within the last 7 years as well. There are currently 3 vacancies that are rent ready and will be held vacant at COE for a new buyer to choose their own tenants and attain market rent immediately. This is a true value-add opportunity as there is approximately 35-40% upside in rental income. Utilizing the assumable financing that is in place, a new investor can look to enjoy a 6.7% CASH-ON-CASH return on Day 1 with the current rental rates that are in place, with an even more significant cash return available upon stabilizing the asset with market rental rates.
Property Details
- Class
- C
- Year Built
- 1927
- Stories
- 2
- Lot Size (sq. ft)
- 7,405 SF
- Units
- 14
Highlights
- Huge Value-Add Opportunity - 35% Upside in Rents!
- (1) 2-Bed/1-Bath Unit, (1) 1-Bed/1-Bath Cottage & (12) Studios
- Tenants Enjoy Gated/Secured Entry
- RUBS System Implemented to Charge Tenants Back for Water/Trash/Sewer
- Current Cap Rate: 6.10% | Current GRM: 11.72
- ** Assumable Financing Available!! 3.63% for 7.5 years fixed! (6.7%+ Current Cash-on-Cash Return)
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