$ 4,800,000
1912 E 2nd Street Long Beach, CA 90802
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$ 4,800,000
Est. payment /mo
Active
1912 E 2nd Street Long Beach, CA 90802
2 Beds
4 Baths
8,274 Sqft Lot
UPDATED:
08/15/2024 03:16 AM
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID PW24131544
Bedrooms 2
HOA Y/N No
Lot Size 8,274 Sqft
Property Description
We are 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 Beachs vibrant Alamitos Beach neighborhood. The propertys 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 11.6 GRM, and a 5.40% cap rate with 20% upside in NOI. The current loan is assumable at an interest rate of 3.67% and 64% LTV. 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.
We are 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 Beachs vibrant Alamitos Beach neighborhood. The propertys 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 11.6 GRM, and a 5.40% cap rate with 20% upside in NOI. The current loan is assumable at an interest rate of 3.67% and 64% LTV. 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.
We are 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 Beachs vibrant Alamitos Beach neighborhood. The propertys 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 11.6 GRM, and a 5.40% cap rate with 20% upside in NOI. The current loan is assumable at an interest rate of 3.67% and 64% LTV. 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.
Location
State CA
County Los Angeles
Area Long Beach (90802)
Zoning Assessor
Building
Lot Description Sidewalks
Story 2
Lot Size Range 7500-10889 SF
Others
Monthly Total Fees $260
Miscellaneous Value in Land
Acceptable Financing Cash
Space Rent $1,645
Listing Terms Cash
Listed by Shane Young • Younglewin Advisors, Inc.