5505 Ackerfield Ave
Long Beach, CA 90805
Pacific Cove · Multifamily Property For Sale
·
55 Units
Investment Highlights
- 10.38% Total Return Year One
- 98% Average Occupancy Rate / Solid Section 8 Collections
- Spacious, Bright One, Two and Three-Bedroom Units
- 12.39 GRM/5.20% Cap Rate on In-Place Rents
- Tract Map for Condos - May be Exempt from AB 1482
- Attractive Community Amenities - Swimming Pool, Sun Deck, BBQ Facilities, On-Site Laundry, Ample Parking
Property Facts
| No. Units | 55 | Building Size | 57,237 SF |
| Property Type | Multifamily | Average Occupancy | 100% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1969 |
| Building Class | C | Parking Ratio | 1.73/1,000 SF |
| Lot Size | 1.91 AC | ||
| Zoning | R4 | ||
| No. Units | 55 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.91 AC |
| Building Size | 57,237 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1969 |
| Parking Ratio | 1.73/1,000 SF |
| Zoning | R4 |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Storage Space
- Heating
- Kitchen
- Oven
- Range
- Tub/Shower
Site Amenities
- Laundry Facilities
- Property Manager on Site
- Public Transportation
About 5505 ACKERFIELD AVE , LONG BEACH, CA 90805
Pacific Cove Apartments is a 55-unit investment asset with solid in-place income and tenant retention in North Long Beach. The property has a tract map for condominiums and may be exempt from AB 1482. ATTRACTIVE APARTMENT COMMUNITY The property is comprised of five buildings on almost two acres, and offers an attractive mix of spacious one, two and three-bedroom units. Community amenities include controlled-access entry, gated pool and sun deck, BBQ and dining area, onsite leasing office, laundry facility and ample parking. Three-bedroom units come with garage parking and one and two-bedroom units come with carport parking. CONVENIENT LONG BEACH LOCATION Located on a quiet residential cul-de-sac, the property offers convenient commuter access to major thoroughfares as well as the 91 and 710 freeways. Amenities for daily errands are in close proximity. STRONG IN-PLACE INCOME The current owner is a seasoned Section 8 operator with an average occupancy rate of 98% with solid collections. Pacific Cove Apartments is offered at 12.39 times gross and a 5.20% cap rate on in-place rents, providing a buyer with strong immediate cash flow.
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 15 | $1,536 | 717 |
| 2+2 | 31 | $2,056 | 904 - 1,000 |
| 3+2 | 9 | $2,605 | 1,122 |
Property Taxes
| Parcel Number | 7157-040-001 | Improvements Assessment | $101,875 |
| Land Assessment | $169,793 | Total Assessment | $271,668 |
Property Taxes
