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Sherman Cottage Apartments 1706 Sherman Pl 9 Unit Apartment Building $1,759,000 ($195,444/Unit) 6.80% Cap Rate Long Beach, CA 90804
INVESTMENT HIGHLIGHTS
- PRICED TO SELL - 9.8 GRM AND 6.8% CAP WITH UPSIDE TO AN 8.3% CAP.
- EARN OVER AN 11% CASH ON CASH RETURN AGAINST IN PLACE RENTS.
- Qualified Buyers can put down as little as 25% on a new 5 year loan.
- NOT subject to local rent control.
- Units and property heavily updated and well maintained - modern electrical.
- EMAIL LISTING AGENT FOR MORE INFO AND A RENT ROLL AND OM.
EXECUTIVE SUMMARY
PRICED TO SELL - 9.8 GRM AND 6.8% CAP WITH UPSIDE TO AN 8.3% CAP.
9 units in Long Beach NOT subject to local rent control, only subject to AB 1482 rent control - maximum annual increase of 5% + CPI. Most interiors have been updated (new kitchen cabinets, flooring, bath tile, fixtures, etc.) and property is professionally managed and well maintained.
The property features multiple structures, meaning many units do not have common walls on all sides making the units more private. There are 3 garages in the rear as well as 2 surface spaces. The 2 bed unit in the rear has 2 outdoor patios attached to it. Every unit has it's own hot water heater.
Currently management is not charging for parking, but new ownership could. Parking in Long Beach is at a premium and spaces/garages are worth $125-150/month - this could increase income by $700/month.
There is laundry onsite and the property is fully secured. The electrical is General Electric - it's a 200 AMP main panel with 50 AMP subpanels (Buyer to verify).
Qualifed Buyers can put down as little as 25% on a new 5-year loan fixed at 5.1%, Interest Only. Loan quote provided by David Guevara. Momenta Capital Group. 714.474.1284 dguevara@momentacg.com.
EARN OVER AN 11% CASH ON CASH RETURN AGAINST IN PLACE RENTS.
EMAIL LISTING AGENT FOR MORE INFO AND A RENT ROLL AND OM.
9 units in Long Beach NOT subject to local rent control, only subject to AB 1482 rent control - maximum annual increase of 5% + CPI. Most interiors have been updated (new kitchen cabinets, flooring, bath tile, fixtures, etc.) and property is professionally managed and well maintained.
The property features multiple structures, meaning many units do not have common walls on all sides making the units more private. There are 3 garages in the rear as well as 2 surface spaces. The 2 bed unit in the rear has 2 outdoor patios attached to it. Every unit has it's own hot water heater.
Currently management is not charging for parking, but new ownership could. Parking in Long Beach is at a premium and spaces/garages are worth $125-150/month - this could increase income by $700/month.
There is laundry onsite and the property is fully secured. The electrical is General Electric - it's a 200 AMP main panel with 50 AMP subpanels (Buyer to verify).
Qualifed Buyers can put down as little as 25% on a new 5-year loan fixed at 5.1%, Interest Only. Loan quote provided by David Guevara. Momenta Capital Group. 714.474.1284 dguevara@momentacg.com.
EARN OVER AN 11% CASH ON CASH RETURN AGAINST IN PLACE RENTS.
EMAIL LISTING AGENT FOR MORE INFO AND A RENT ROLL AND OM.
FINANCIAL SUMMARY (ACTUAL - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$178,000
|
$42.12
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$178,000
|
$42.12
|
| Net Operating Income |
-
|
-
|
FINANCIAL SUMMARY (ACTUAL - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $178,000 |
| Annual Per SF | $42.12 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $178,000 |
| Annual Per SF | $42.12 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
PROPERTY FACTS
| Price | $1,759,000 | Apartment Style | Garden |
| Price Per Unit | $195,444 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.20 AC |
| Cap Rate | 6.80% | Building Size | 4,226 SF |
| Gross Rent Multiplier | 9.8 | Average Occupancy | 100% |
| No. Units | 9 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1924/2020 |
| Property Subtype | Apartment | Parking Ratio | 1.42/1,000 SF |
| Zoning | R2N, Long Beach | ||
| Price | $1,759,000 |
| Price Per Unit | $195,444 |
| Sale Type | Investment |
| Cap Rate | 6.80% |
| Gross Rent Multiplier | 9.8 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 4,226 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1924/2020 |
| Parking Ratio | 1.42/1,000 SF |
| Zoning | R2N, Long Beach |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Kitchen
- Oven
- Tub/Shower
- Large Bedrooms
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 8 | - | - |
| 2+1 | 1 | - | - |
1 1
Walk Score®
Very Walkable (83)
PROPERTY TAXES
| Parcel Number | 7260-001-026 | Improvements Assessment | $625,804 |
| Land Assessment | $910,261 | Total Assessment | $1,536,065 |
PROPERTY TAXES
Parcel Number
7260-001-026
Land Assessment
$910,261
Improvements Assessment
$625,804
Total Assessment
$1,536,065
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Sherman Cottage Apartments | 1706 Sherman Pl
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