Sold – Fourplex in Long Beach | $1,000,000
Christian Milner and Cameron Samimi are pleased to have closed 1532 Pacific Ave, a 4-unit property in Long Beach!
This property sold for $1,000,000
This large 4-plex across from Washington Middle School boasts two 2-bedroom/1-bath units plus two 3-bedroom/1-bath units. Current rents have the building producing at over a 5.10% Cap rate with room for further rent upside.
Furthermore, with over 4000 square feet of raw land approved for development this lot offers plenty of long term development upside. The property is truly a unique opportunity just outside Downtown Long Beach and just south of Pacific Coast Highway. With over $2.5 billion in development coming to the nearby area including the $520 million Civic Center project, $250 million Queen Mary Island waterfront development, and the $53 million Long Beach Aquarium Expansion, the area is ripe with redevelopment.
One of the best current cap rate and development opportunity on the market, this turn-key asset is the perfect investment for an exchange buyer or owner looking to own a piece of one of Southern California’s last affordable beach communities.
• Located in the quiet neighborhood of Washington across from Washington Middle School
• Close freeway access along PCH as well as rapid downtown transit
• Cash flow property with a current cap over 5.4% and market cap of 7%
• Opportunity to increase value with parking and Section 8 consideration
• Value add opportunity with 4000 square feet of raw land approved for development
Long Beach has emerged as a popular coastal community in Southern California. Located south of the city of Los Angeles, it has a
population of about 471,000. Located near the 405 and 710 freeways, and with access to the Metro Blue Line train, Long Beach provides easycommutes to major employment hubs in Los Angeles and Orange County. Long Beach is also home to major businesses such as Verizon, Molina Healthcare, and the Port of Los Angeles.
Dozens of projects are transforming the city’s landscape, with more than $2.5 billion in capital pouring into Long Beach. These include the Douglas Park Redevelopment, a 261 acre mixeduse project on the site of the former Boeing campus. It will bring over 5000 jobs to Long Beach and will be home to nearly 30 businesses such as Mercedes–Benz US West headquarters and Virgin Galactic.
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