Closed – 16 Units in Long Beach | $2,931,000
Chris van Vuuren and Nico Rosmarin of Lyon | Stahl are pleased to have closed 540 E 64th St, a 16-unit apartment building in Long Beach!
This property sold for $2,931,000
This value-add asset is located within the rapidly gentrifying Jordan neighborhood of Long Beach. This exciting investment opportunity is proximate to the 710 & 91 freeways, Blueline and Long Beach Airport allowing for easy access to transportation to major business hubs.
540 East 64th Street is a two-story apartment building built in 1960. This unique sixteen-unit apartment building is comprised of sixteen (16) large one-bedroom/one-bathroom units totaling 9,964 square feet. There are sixteen (16) carport parking spaces, an on-site laundry room and secure gated entry. This is a true value-add opportunity and a pride of ownership building where the units have been held in great condition over the years.
First time on the market for over 19 years, 540 E. 64th St. offers an astute investor to acquire an asset in great condition with tremendous value-add opportunity to maximize the return on their investment while minimizing their expenses. With over +/- 35% rental upside and the subject property’s irreplaceable location, 540 East 64th Street is an excellent investment opportunity in one of the most exciting markets in Southern California.
Long Beach is a city on the Pacific Coast in the Greater Los Angeles area and is the third largest city in Southern California behind Los Angeles and San Diego with a population of 462,257. The Port of Long Beach is the second busiest container port in the United States and is among the world’s largest. Long Beach real estate values have gone up 6.7% over the past year and the median home value is $559,600.
The Long Beach Unified School District serves most of Long Beach along with ABC Unified School District, Paramount Unified School District, and LAUSD. Long Beach City College is a 2-year community college and California State University Long Beach ranks #38 of 484 best colleges for criminal justice in America.