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908 Martin Luther King Jr Ave 18 Unit Apartment Building $3,500,000 ($194,444/Unit) 6.10% Cap Rate Long Beach, CA 90813
INVESTMENT HIGHLIGHTS
- Turnkey Property with Updated Systems
- May be purchased individually or combined with other Affordable deals at 718 Chestnut Avenue and/or 1228 Raymond Avenue
- 6.10% Cap Rate / 10.47 GRM at Current Rents
EXECUTIVE SUMMARY
908 Martin Luther King Jr., Blvd. is an 18-unit Affordable multifamily property in the Hellman Street section of Long Beach.
This turnkey property features newer roofing, plus all updated systems, including electrical and plumbing. The current owner has installed new cabinets, fixtures, windows, granite countertops, and sturdy tile floors in all units, in addition to a security camera system. All units include refrigerators, owned by seller.
The Affordable rent covenant with the city of Long Beach, which affects 8 units, expires in 5.2 years (December 2029). City of Long Beach Affordable rent covenants available for buyer review upon request.
908 Martin Luther King Jr. Blvd. is offered at a 6.10% cap rate and 10.47 GRM based on current rents.
This turnkey property features newer roofing, plus all updated systems, including electrical and plumbing. The current owner has installed new cabinets, fixtures, windows, granite countertops, and sturdy tile floors in all units, in addition to a security camera system. All units include refrigerators, owned by seller.
The Affordable rent covenant with the city of Long Beach, which affects 8 units, expires in 5.2 years (December 2029). City of Long Beach Affordable rent covenants available for buyer review upon request.
908 Martin Luther King Jr. Blvd. is offered at a 6.10% cap rate and 10.47 GRM based on current rents.
PROPERTY FACTS
| Price | $3,500,000 | Apartment Style | Low-Rise |
| Price Per Unit | $194,444 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 6.10% | Building Size | 6,540 SF |
| Gross Rent Multiplier | 10.47 | No. Stories | 2 |
| No. Units | 18 | Year Built | 1923 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Property Subtype | Apartment | ||
| Zoning | R4N, Long Beach - restricted Density Multiple Dwelling | ||
| Price | $3,500,000 |
| Price Per Unit | $194,444 |
| Sale Type | Investment |
| Cap Rate | 6.10% |
| Gross Rent Multiplier | 10.47 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 6,540 SF |
| No. Stories | 2 |
| Year Built | 1923 |
| Opportunity Zone |
Yes |
| Zoning | R4N, Long Beach - restricted Density Multiple Dwelling |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Microwave
- Heating
- Tile Floors
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Carpet
- Family Room
- Framed Mirrors
SITE AMENITIES
- 24 Hour Access
- Gated
- Private Bathroom
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 2 | - | - |
| 1+1 | 14 | - | - |
| Studios | 2 | - | - |
1 1
Walk Score®
Walker's Paradise (93)
Bike Score®
Very Bikeable (75)
PROPERTY TAXES
| Parcel Number | 7274-023-019 | Improvements Assessment | $461,778 |
| Land Assessment | $1,077,495 | Total Assessment | $1,539,273 |
PROPERTY TAXES
Parcel Number
7274-023-019
Land Assessment
$1,077,495
Improvements Assessment
$461,778
Total Assessment
$1,539,273
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908 Martin Luther King Jr Ave
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