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1050 Gaviota Ave 14 Unit Apartment Building $4,675,000 ($333,929/Unit) 5.65% Cap Rate Long Beach, CA 90813
INVESTMENT HIGHLIGHTS
- Priced at a 5.65% Cap Rate / 11.95 GRM on current rents with upside to 6.07% cap rate/11.34 GRM
- Garages also offer the opportunity for ADU conversion
- Eight (8) garages and a laundry room provide opportunities for additional income
EXECUTIVE SUMMARY
1050 Gaviota Avenue is a 14-unit asset, located in the in Long Beach, California.
Built in 1963, the property is comprised of (1) 4BD/1BA, (3) 3BD/1BA + Den,
(4) 3BD/1BA, (4) 2BD/1BA, and (2) 1BD/1BA units. Spread across a 12,474-square foot lot, the property has eight (8) garages and a laundry room on site providing additional income. The garages also offer the opportunity for ADU conversion.
Priced at a 5.65% cap rate & 11.95 GRM on actual rents with upside to 6.07% cap rate and 11.34 GRM.
Built in 1963, the property is comprised of (1) 4BD/1BA, (3) 3BD/1BA + Den,
(4) 3BD/1BA, (4) 2BD/1BA, and (2) 1BD/1BA units. Spread across a 12,474-square foot lot, the property has eight (8) garages and a laundry room on site providing additional income. The garages also offer the opportunity for ADU conversion.
Priced at a 5.65% cap rate & 11.95 GRM on actual rents with upside to 6.07% cap rate and 11.34 GRM.
PROPERTY FACTS
| Price | $4,675,000 | Apartment Style | Low-Rise |
| Price Per Unit | $333,929 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.29 AC |
| Cap Rate | 5.65% | Building Size | 15,444 SF |
| Gross Rent Multiplier | 11.95 | No. Stories | 2 |
| No. Units | 14 | Year Built/Renovated | 1963/2007 |
| Property Type | Multifamily | Parking Ratio | 1.24/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | R2N, Long Beach - Multiple Dwelling | ||
| Price | $4,675,000 |
| Price Per Unit | $333,929 |
| Sale Type | Investment |
| Cap Rate | 5.65% |
| Gross Rent Multiplier | 11.95 |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.29 AC |
| Building Size | 15,444 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1963/2007 |
| Parking Ratio | 1.24/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R2N, Long Beach - Multiple Dwelling |
AMENITIES
UNIT AMENITIES
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Online Services
- Walk-Up
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 6 | - | 988 |
| 3+1 | 7 | - | 1,188 |
| 4+1 | 1 | - | 1,200 |
1 1
Walk Score®
Very Walkable (86)
PROPERTY TAXES
| Parcel Number | 7267-012-041 | Improvements Assessment | $1,485,691 |
| Land Assessment | $2,759,140 | Total Assessment | $4,244,831 |
PROPERTY TAXES
Parcel Number
7267-012-041
Land Assessment
$2,759,140
Improvements Assessment
$1,485,691
Total Assessment
$4,244,831
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1050 Gaviota Ave
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