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Caribbean 140 E Spring St 20 Unit Apartment Building $4,800,000 ($240,000/Unit) 6.01% Cap Rate Long Beach, CA 90806
Investment Highlights
- ~20% NOI Growth Through Mark-to-Market Rents and Parking Income
- Significant Loss-to-Lease - In-Place Rents Sit Well Below Market and Comparables
- Attractive Amenities - 1:1 Parking Ratio, Pool & Sundeck
- Over $200K in Capital Improvements Already Completed
- Large, Well-Configured Units - Balanced Mix of 2BDs and 1BDs
- Central Long Beach Location with Convenient Access to Major Employment Centers
Executive Summary
STRONG CASH FLOW WITH UPSIDE POTENTIAL
The Mojave Apartments at 140 E. Spring Street offers investors a combination of strong day-one returns and meaningful operational upside.
The property is projected to increase NOI by over 20% through the gradual realization of market rents and ancillary income opportunities, driving the cap rate from an already attractive 6.01% to approximately 7.26%.
With a balanced mix of (10) 2BD/1BA and (10) 1BD/1BA units, one-to-one parking ratio, community pool and sundeck, and attractive curb appeal, the property is positioned to generate strong rental demand and premium rents.
The Mojave Apartments at 140 E. Spring Street offers investors a combination of strong day-one returns and meaningful operational upside.
The property is projected to increase NOI by over 20% through the gradual realization of market rents and ancillary income opportunities, driving the cap rate from an already attractive 6.01% to approximately 7.26%.
With a balanced mix of (10) 2BD/1BA and (10) 1BD/1BA units, one-to-one parking ratio, community pool and sundeck, and attractive curb appeal, the property is positioned to generate strong rental demand and premium rents.
Property Facts
| Price | $4,800,000 | Apartment Style | Low-Rise |
| Price Per Unit | $240,000 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.48 AC |
| Cap Rate | 6.01% | Building Size | 13,746 SF |
| Gross Rent Multiplier | 10.09 | Average Occupancy | 100% |
| No. Units | 20 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1958 |
| Property Subtype | Apartment | Parking Ratio | 0.95/1,000 SF |
| Zoning | LBPD29 - Planned Development | ||
| Price | $4,800,000 |
| Price Per Unit | $240,000 |
| Sale Type | Investment |
| Cap Rate | 6.01% |
| Gross Rent Multiplier | 10.09 |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.48 AC |
| Building Size | 13,746 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1958 |
| Parking Ratio | 0.95/1,000 SF |
| Zoning | LBPD29 - Planned Development |
Amenities
Unit Amenities
- Kitchen
Site Amenities
- Courtyard
- Pool
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 10 | - | 775 |
| 1+1 | 10 | - | 600 |
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Moderately walkable
70/100
Exceptionally drivable
90/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 7206-023-035 | Improvements Assessment | $360,383 |
| Land Assessment | $107,844 | Total Assessment | $468,227 |
Property Taxes
Parcel Number
7206-023-035
Land Assessment
$107,844
Improvements Assessment
$360,383
Total Assessment
$468,227
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