1153 E Appleton St
Long Beach, CA 90802
Value Add 9 Units Blocks to the Beach · Multifamily Property For Sale
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9 Units
Property Facts
| No. Units | 9 | Lot Size | 0.19 AC |
| Property Type | Multifamily | Building Size | 3,088 SF |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built | 1932 |
| Building Class | C | Parking Ratio | 0.24/1,000 SF |
| Zoning | LBR3S | ||
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 3,088 SF |
| No. Stories | 2 |
| Year Built | 1932 |
| Parking Ratio | 0.24/1,000 SF |
| Zoning | LBR3S |
About 1153 E APPLETON ST , LONG BEACH, CA 90802
First time ever on the market, family are the original owners. Huge value add opportunity in the rapidly gentrifying Alamitos Beach neighborhood of Long Beach, CA. The complex consists on nine apartment units; shows as seven units on title, but permits are available confirming nine units as the property has multiple addresses (Buyer to verify). Rents are incredibly low for the area and are estimated to be 54% below market, allowing an investor to quickly take advantage of this Non-Rent Controlled asset by renovating unit interiors and raising rents to market. Market Cap Rate of 6.17%. Property has been in the family since it was built and rents have rarely been raised, so the purchase will need to be all cash, or financed with hard money. Property was appraised in October of 2017 for $1,750,000.
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $812.50 | 481 - 611 |
| Studios | 3 | $662.50 | 264 - 384 |
Property Taxes
| Parcel Number | 7275-004-013 | Improvements Assessment | $803,171 |
| Land Assessment | $1,115,517 | Total Assessment | $1,918,688 |
Property Taxes
