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$ 2,295,000
Est. payment /mo
Active
938 Stanley Avenue Long Beach, CA 90804
5 Beds
5 Baths
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
Subdivision Eastside (Es)
MLS Listing ID SB25092114
Bedrooms 5
Property Sub-Type Res Income 2-4 Units
Property Description
We are pleased to exclusively offer for sale this 9 Unit Multi-Family investment located in the vibrant 90804 submarket of Long Beach. This 5,201 SF lot is centrally positioned in Long Beach and offers tenants convenient access to the entirety of the city as well as the confluence of both Los Angeles and Orange County freeway systems. In addition to the buildings excellent location, it has an outstanding unit mix consisting of (2) 2 Bed/2 Bath Units, (2) 2 Bed/1 Bath units, and (5) 1 Bed/1 Bath units. Further, the front house has a new roof and many of the major electric and plumbing systems have been upgraded. This kind of meticulous management is indicative of a well-run operation providing a smooth, headache free investment. As it stands, the offering presents strong day one income with a current CAP Rate of 6.25% as well as a GRM of 10.58 and future upside with a pro forma CAP Rate of 7.42% and GRM of 9.36. Along these lines, the property features onsite washer and dryer hookups allowing investors an easy avenue to increase their annual Cash Flow upon acquisition. All in all, the building is a half mile from Retro Row and just over a mile from the Traffic Circle and the vast dining, shopping, and entertainment options therein. This provides much optimism for continued rent growth and appreciation within the submarket in both the near and distant future, as housing demand and economic stability are two of the main drivers in investment real estate.
Location
State CA
County Los Angeles
Zoning Public Rec
Direction Corner of 10th Street and Stanley Ave
Interior
Cooling Central Forced Air, Wall/Window
Fireplace No
Exterior
Utilities Available Sewer Connected
View Y/N No
Building
Story 2
Level or Stories 2
Others
Tax ID 7262014013
Listed by Keaton Quaack Lyon Stahl Investment Real Estate, Inc.