Price Reduction! 8.5% Cap & 7.7 GRM
12 Unit Apartment Building | $2,595,000 ($216,250/Unit) | 8.52% Cap Rate | Long Beach, CA 90805
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $2,595,000
- Property Type
-
Multifamily
- Square Feet
- 6,966 SF
Listing Contacts
Armin Soleimani
Verified Profile
Julio Ruiz
Verified Profile
- Property Info
Property Overview
Price Reduction! 12-unit project cash flowing at an amazing 8.5% Cap Rate and 7.7 GRM after taking into account all construction costs! Priced at only 253k/door in the heart of Long Beach, it offers not only 6 fully renovated residential units upstairs but also 4 retail spaces (with RTI plans to convert to 4 residential units) + nearly RTI plans to convert the attached garages into 2 attached (1bed/1bath) ADUs. The 6 residential units (100% occupied) have been already fully remodeled and boast new modern cabinets, flooring, lighting, new bathrooms, and significant exterior improvements. Additionally, each unit is individually metered for gas and electricity. The large 9,180 SF lot comes with ~9 open parking spaces as well as ~4 garage spaces. Price/Unit, Cap Rate & GRM are based on Total Price for the sake of conservatism, which includes the construction cost of 4 retail conversions at 75k/unit (300k) + 2 attached ADUs at 75k/unit (150k) for a total project cost of 450k offering a remarkable Cap Rate of 8.5% and 7.7 GRM after including all construction costs.
Property Details
- Class
- B
- Year Built/Renovated
- 1946/2023
- Stories
- 2
- Lot Size (sq. ft)
- 9,148 SF
- Units
- 12
Highlights
- 12-unit project Priced at only 253k/door with 6 fully renovated 100% occupied units
- Incredible 8.5% Cap Rate and 7.7 GRM after taking into account all construction costs
- RTI Plans to convert 4 retail stores to 4 (1bed/1bath) residential units
- Nearly RTI plans for 2 attached (1bed/1bath) ADUs in the garages
- Large 9,200 SF lot with 11 open parking spaces in the back + 4 Garages
Nearby Properties
Similar Properties
FAQ
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at [email protected] and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- What is the difference between Tier 1 & Tier 2 in the Due Diligence Vault?
- Documents that are placed in a Tier-1 Due Diligence vault require the execution of a Confidentiality Agreement (“CA”) for access. Documents and folders placed in the Tier-2 vault are intended to have an added layer of security and require the execution of a CA in addition to required Broker approval for access.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].