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1958 Pine Ave
Long Beach, CA 90806
Multifamily Property For Sale
·
10 Units
Investment Highlights
- Priced with very high in-place cash flow at close with actual rents resulting in an 8.85X GRM and 7.3% cap rate
- This 1950's built property is located about 1.5 miles from Downtown Long Beach, and less than a mile to the 710 freeway
- New electrical meters and main
Executive Summary
Priced to sell! This well-performing 10-unit building is located in the South Wrigley neighborhood of Long Beach. The rear garages were converted to 2 brand-new 1BD/1BA ADU's at 485 square feet each. Priced with very high in-place cash flow at close with actual rents resulting in an 8.85X GRM and 7.3% cap rate. New electrical meters and main installed. This 1950's built property is located about 1.5 miles from Downtown Long Beach, and less than a mile to the 710 freeway, making this a strong rental location for tenants and investors. Tenants can utilize the nearby Metro Line, shopping centers, medical facilities, schools, and dining. Don't miss out on this incredible opportunity! Available for sale with neighboring property, 1952 Pine.
Property Facts
| Price Per Unit | $203,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.15 AC |
| Cap Rate | 7.27% | Building Size | 7,108 SF |
| Gross Rent Multiplier | 8.85 | Average Occupancy | 100% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1953 |
| Property Subtype | Apartment | Parking Ratio | 0.28/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | LBR4R | ||
| Price Per Unit | $203,000 |
| Sale Type | Investment |
| Cap Rate | 7.27% |
| Gross Rent Multiplier | 8.85 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 7,108 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1953 |
| Parking Ratio | 0.28/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | LBR4R |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 2 | $2,095 | 884 |
| 2+1 | 1 | $2,050 | 884 |
| 2+1 | 1 | $1,795 | 884 |
| 2+1 | 2 | $1,995 | 884 |
| 1+1 | 1 | $1,995 | 450 |
| 1+1 | 2 | $1,695 | 450 |
| 1+1 | 1 | $1,595 | 450 |
Property Taxes
| Parcel Number | 7209-017-010 | Improvements Assessment | $1,404,540 |
| Land Assessment | $1,040,400 | Total Assessment | $2,444,940 |
Property Taxes
Parcel Number
7209-017-010
Land Assessment
$1,040,400
Improvements Assessment
$1,404,540
Total Assessment
$2,444,940
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