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1075 E South St 18 Unit Apartment Building $4,500,000 ($250,000/Unit) 6.37% Cap Rate Long Beach, CA 90805
Investment Highlights
- 1987 Construction
- Strong in place cashflow – 6.37% cap rate and a 10.01 GRM with current rents
- Additional 20% upside in rents to market rate
- All 2 bedroom unit mix – Units average 868 square feet each – 14) 2 bed/2 bath and 4) 2 bed/1 bath units
- Secure ground level gated parking with 25 spaces, including three storage spaces
- Separately metered for gas and electricity
Executive Summary
Young Lewin Advisors is pleased to present 1075 E. South Street, a 1987 constructed 18 unit building to market in the city of Long Beach. The property features an all two bedroom unit mix with units averaging approximately 868 square feet each with balconies in select units. Current operations deliver a strong 6.37% cap rate and a 10.01 GRM based on existing rents, while still offering approximately 20% upside in gross rental income to market. The property has fully gated and secured parking for 25 spaces in addition to three secure storage spaces in the garage area. Attractive market financing options exist that could potentially boost a cash on cash return of 7% with a 30% down payment (buyer to verify). Situated on a quiet residential street in a solid North Long Beach location, the property combines stable current income, future rent growth potential, and a desirable neighborhood setting.
Property Facts
| Price | $4,500,000 | Apartment Style | Low-Rise |
| Price Per Unit | $250,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.29 AC |
| Cap Rate | 6.37% | Building Size | 15,632 SF |
| Gross Rent Multiplier | 10.01 | No. Stories | 2 |
| No. Units | 18 | Year Built | 1987 |
| Property Type | Multifamily | Parking Ratio | 1.6/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | CNR, Long Beach | ||
| Price | $4,500,000 |
| Price Per Unit | $250,000 |
| Sale Type | Investment |
| Cap Rate | 6.37% |
| Gross Rent Multiplier | 10.01 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.29 AC |
| Building Size | 15,632 SF |
| No. Stories | 2 |
| Year Built | 1987 |
| Parking Ratio | 1.6/1,000 SF |
| Zoning | CNR, Long Beach |
Amenities
Unit Amenities
- Balcony
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 4 | - | 868 - 987 |
| 2+2 | 14 | - | 868 - 987 |
1 1
Walk Score®
Very Walkable (81)
Bike Score®
Very Bikeable (78)
Property Taxes
| Parcel Number | 7124-027-028 | Improvements Assessment | $2,475,340 |
| Land Assessment | $710,890 | Total Assessment | $3,186,230 |
Property Taxes
Parcel Number
7124-027-028
Land Assessment
$710,890
Improvements Assessment
$2,475,340
Total Assessment
$3,186,230
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1075 E South St
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