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924 Termino Ave 8 Unit Apartment Building $2,195,000 ($274,375/Unit) 6.52% Cap Rate Long Beach, CA 90804
Investment Highlights
- 100% Single-Story Units
- Permitted Storage Room with Bathroom (Possible ADU Conversion)
- Copper Plumbing, Updated Electrical Systems and New Electrical Panels
- 6.5% Cap Rate on Current Rents with Upside
- 2 of 8 Units Fully Renovated
- Located 2 Miles West of Cal State Long Beach
Executive Summary
Morgan Skenderian, Inc. is pleased to present this well-maintained 8-unit multifamily property in Long Beach. Consisiting exclusively of single-story units, the property features a desirable unit mix, with two of the eight units recently renovated to include updated flooring and fresh interior paint. Operational efficiency and long-term durability are supported by key system upgrades, including copper plumbing, updated electrical systems, and new electrical panels. The property also benefits from an on-site laundry
facility, two single-car garages and two double-car garages.
A unique highlight of the property is a permitted storage area currently generating supplemental income from existing tenants. This space includes a bathroom and is
equipped with plumbing, gas, and electrical, presenting an excellent opportunity for potential ADU conversion (buyer to verify), further increasing revenue potential.
Overall, this property combines recent upgrades, strong in-place income, and multiple avenues for future growth—making it an attractive addition to any multifamily portfolio.
facility, two single-car garages and two double-car garages.
A unique highlight of the property is a permitted storage area currently generating supplemental income from existing tenants. This space includes a bathroom and is
equipped with plumbing, gas, and electrical, presenting an excellent opportunity for potential ADU conversion (buyer to verify), further increasing revenue potential.
Overall, this property combines recent upgrades, strong in-place income, and multiple avenues for future growth—making it an attractive addition to any multifamily portfolio.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$187,510
|
$55.15
|
| Other Income |
$12,807
|
$3.77
|
| Vacancy Loss |
$6,010
|
$1.77
|
| Effective Gross Income |
$194,307
|
$57.15
|
| Taxes |
$29,380
|
$8.64
|
| Operating Expenses |
$21,713
|
$6.39
|
| Total Expenses |
$51,093
|
$15.03
|
| Net Operating Income |
$143,214
|
$42.12
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $187,510 |
| Annual Per SF | $55.15 |
| Other Income | |
|---|---|
| Annual | $12,807 |
| Annual Per SF | $3.77 |
| Vacancy Loss | |
|---|---|
| Annual | $6,010 |
| Annual Per SF | $1.77 |
| Effective Gross Income | |
|---|---|
| Annual | $194,307 |
| Annual Per SF | $57.15 |
| Taxes | |
|---|---|
| Annual | $29,380 |
| Annual Per SF | $8.64 |
| Operating Expenses | |
|---|---|
| Annual | $21,713 |
| Annual Per SF | $6.39 |
| Total Expenses | |
|---|---|
| Annual | $51,093 |
| Annual Per SF | $15.03 |
| Net Operating Income | |
|---|---|
| Annual | $143,214 |
| Annual Per SF | $42.12 |
Property Facts
| Price | $2,195,000 | Apartment Style | Low-Rise |
| Price Per Unit | $274,375 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.18 AC |
| Cap Rate | 6.52% | Building Size | 3,400 SF |
| Gross Rent Multiplier | 10.96 | Average Occupancy | 97% |
| No. Units | 8 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1950 |
| Property Subtype | Apartment | Parking Ratio | 1.76/1,000 SF |
| Zoning | R3S | ||
| Price | $2,195,000 |
| Price Per Unit | $274,375 |
| Sale Type | Investment |
| Cap Rate | 6.52% |
| Gross Rent Multiplier | 10.96 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 3,400 SF |
| Average Occupancy | 97% |
| No. Stories | 1 |
| Year Built | 1950 |
| Parking Ratio | 1.76/1,000 SF |
| Zoning | R3S |
Amenities
Unit Amenities
- Microwave
- Storage Space
- Heating
- Ceiling Fans
- Stainless Steel Appliances
Site Amenities
- Courtyard
- Laundry Facilities
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | $1,891 | - |
| 2+1 | 1 | $2,295 | - |
1 1
Moderately walkable
70/100
Very drivable
80/100
Some public transit
40/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 7254-018-002 | Total Assessment | $2,256,750 |
| Land Assessment | $1,020,000 | Annual Taxes | $29,380 ($8.64/SF) |
| Improvements Assessment | $1,236,750 | Tax Year | 2025 |
Property Taxes
Parcel Number
7254-018-002
Land Assessment
$1,020,000
Improvements Assessment
$1,236,750
Total Assessment
$2,256,750
Annual Taxes
$29,380 ($8.64/SF)
Tax Year
2025
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924 Termino Ave
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