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3.0% Assumable Loan 425 Coronado Ave 27 Unit Apartment Building $9,800,000 ($362,963/Unit) 4% Cap Rate Long Beach, CA 90814
INVESTMENT HIGHLIGHTS
- Assumable Loan at 3.0% with 62% LTV until May 1, 2027
- Oversized Units Averaging 886 SF
- Value Add Opportunity - 16 of the 27 Units Fully Remodeled with Designer Finishes
- Ample Parking with 27 Parking Spaces, Community Game Room
EXECUTIVE SUMMARY
Coronado House is a 27-unit apartment asset located at 425 Coronado Avenue in Long Beach. California.
Attractive assumable financing is available at 3.0% with 62% loan to value until May 1, 2027.
The property consists of (21) 1BD/1BA units, (3) 2BD/2BA units, and (3) studio units. All units are bright and spacious, with an average size of 866 square feet. Sixteen of the 27 units are fully remodeled with designer finishes.
Common amenities that enhance the living experience, include a game room and 27 secured parking spaces.
Situated between Bluff Heights and Belmont Heights, Coronado House offers a prime coastal location that is consistently ranked among the top neighborhoods for
young professionals. Known for its historic charm, tree-lined streets, and walkability, the area provides convenient access to the beach, Retro Row, and a wide selection of restaurants, bars, coffee shops, and parks.
Note: This property may be sold together with Rancho Obispo, the adjacent 21-unit property at 434 Obispo Avenue.
Attractive assumable financing is available at 3.0% with 62% loan to value until May 1, 2027.
The property consists of (21) 1BD/1BA units, (3) 2BD/2BA units, and (3) studio units. All units are bright and spacious, with an average size of 866 square feet. Sixteen of the 27 units are fully remodeled with designer finishes.
Common amenities that enhance the living experience, include a game room and 27 secured parking spaces.
Situated between Bluff Heights and Belmont Heights, Coronado House offers a prime coastal location that is consistently ranked among the top neighborhoods for
young professionals. Known for its historic charm, tree-lined streets, and walkability, the area provides convenient access to the beach, Retro Row, and a wide selection of restaurants, bars, coffee shops, and parks.
Note: This property may be sold together with Rancho Obispo, the adjacent 21-unit property at 434 Obispo Avenue.
PROPERTY FACTS
| Price | $9,800,000 | Apartment Style | Low-Rise |
| Price Per Unit | $362,963 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.31 AC |
| Cap Rate | 4% | Building Size | 25,628 SF |
| Gross Rent Multiplier | 14.07 | No. Stories | 3 |
| No. Units | 27 | Year Built | 1970 |
| Property Type | Multifamily | Parking Ratio | 0.97/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | LBR3S - restricted Density Multiple Dwelling | ||
| Price | $9,800,000 |
| Price Per Unit | $362,963 |
| Sale Type | Investment |
| Cap Rate | 4% |
| Gross Rent Multiplier | 14.07 |
| No. Units | 27 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.31 AC |
| Building Size | 25,628 SF |
| No. Stories | 3 |
| Year Built | 1970 |
| Parking Ratio | 0.97/1,000 SF |
| Zoning | LBR3S - restricted Density Multiple Dwelling |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 3 | - | 517 - 600 |
| 1+1 | 21 | - | 750 - 947 |
| 2+2 | 3 | - | 1,000 |
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Walk Score®
Walker's Paradise (93)
Bike Score®
Very Bikeable (71)
PROPERTY TAXES
| Parcel Number | 7257-004-033 | Improvements Assessment | $6,397,828 |
| Land Assessment | $2,788,796 | Total Assessment | $9,186,624 |
PROPERTY TAXES
Parcel Number
7257-004-033
Land Assessment
$2,788,796
Improvements Assessment
$6,397,828
Total Assessment
$9,186,624
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3.0% Assumable Loan | 425 Coronado Ave
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