Closed – 6-Unit Property in Central Long Beach | $1,115,000
Austin Longwell, Brett Lyon, and Woody Stahl are pleased to have closed 1509 Rose Ave, a 6-unit property in Long Beach!
This property sold for $1,115,000
This pride of ownership 6-unit property in Central Long Beach features a 3,616 SF apartment complex on a gated 6,506 SF lot. The front building has (4) 1-bedroom/1-bath units that are approximately 684 SF each, while the rear building consists of (2) additional 440 SF 1-bedroom/1-bath units and (4) separate garages. Three of the four garages are currently leased to tenants for additional income providing value for both tenants and owners.
The property is centrally located in Long Beach, providing easy access to freeways, public transit, & downtown with all the shops, restaurants, & entertainment it has to offer. At $175k/door with a pro forma GRM of 8.93, this asset will not last long.
• Desirable Unit Mix – (6) 1-Bed 1-Bath Units
• 4% CAP with Immediately Obtainable Upside in a Strong Rental Market of LB
• Alleyway Access and Garage Parking in Rear
• Well-maintained Property with Little to no Deferred Maintenance
• First Time on the Market in almost 30 years
• Less Than 1% Vacancy Over the Past 10 years
Long Beach is a city on the Pacific Coast inthe 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.