Just Listed – Duplex in Long Beach | $839,000

Just Listed – Duplex in Long Beach  | $839,000

Lyon | Stahl is pleased to present 1425 Termino Ave, a beautiful duplex located in Long Beach. This property has a unit mix consisting of (1) 3-bed/2-bath and (1) 1-bed/1-bath. The building is situated on a 6,770 SF lot with 2,136 SF of total living area. 1425 Termino features a garage for each unit as well as plenty of street parking. This property has recently put in new granite counter tops into both units and each unit boasts their own private yard. An incredible investment opportunity for an owner-occupied user, or someone looking to build their portfolio in an appreciating area.

Investment Highlights

Desirable unit mix of (1) 3 bed/2 bath and (1) 1 bed/1 bath

2,136 SF building on a 6,770 SF lot

New granite counter tops

Located just minutes away from the traffic circle and the new shopping center

Private yards for both units

Listed at $839,000, this duplex was built in 1956, has a GRM of 19.56, a Cap Rate of 2.97%, and a NOI of $24,907.

 

City Overview – Long Beach

Long Beach has emerged as a popular living area in Southern California. Located south of the city of Los Angeles, made up of 51.48 square miles and a population just below 471,000, primarily made up of college graduates, working professionals and families, Long Beach offers many attractions including the Queen Mary, Aquariums, Toyota Grand Prix, and the Long Beach Convention Center. The historic Pine Avenue provides many restaurants and shopping options for residents. Long Beach is also home to major businesses such as Verizon, Boeing, and DIRECTTV. Long Beach provides alternative transit for working professionals to avoid the heavy traffic in the southern California area and easy access to the 405 and the 710 for easy commutes to downtown Los Angeles, and Orange County.
In 2017 Long Beach’s Year-to-Year rental price change increased a whopping 7.8% emerging as one of the biggest in major US cities. Over 60% of Long Beach residents are renters, with one-third of renters spending more than half their income on housing. In 2016, the overall average house and condo value in the city of Long Beach was around $518,900 which was significantly higher than the overall California average of $477,500. Long Beach has since past major cities such as Portland and Atlanta to become a major competitor in the rental market. The development of Long Beach has grown significantly from a financial and economic standpoint. Recently, one and two-bedroom units have matched Los Angeles units dollar for dollar. Long Beach has been developing new complexes that offer lots of amenities which explains the demand for housing in the area. Developers in Long Beach have been focusing on creating spaces for multigenerational families who want to move to the area. Using smaller lots and constructing larger units, make it suitable for these families. The proposed units are primarily being focused in neighborhoods, which accommodates Long Beach citizens who use alternative ways of transportation. These larger units will allow families to access efficient transits to various businesses and schools, located in the
Long Beach and Los Angeles areas.
The past few years have been very busy for downtown Long Beach. There are over a dozen new developments in the works totaling over $4 billion. Among them are an enormous entertainment complex planned beside the Queen Mary, a total overhaul of the city’s civic center, a pair of mixed use developments with nearly 1,000 units of housing for students between them, and an apartment tower set to be the largest building in town.

Long Beach Highlights
● Long Beach is the fifth largest city in California with a population of 490,166 and about 17% of those people are between the ages of 25 and 34.
● Approximately 5.5 million tourists and convention delegates visit Long Beach each year.
● Long Beach was named by America’s Promise Alliance as one of the 100 Best Communities for Young People in 2006.
● Approximately 5.5 million tourists and convention delegates visit Long Beach each year.
● El Dorado Park in East Long Beach is made up of 105 acres, two lakes, a stream, a small gift shop, archery, bike rentals, and a nature trail.

 

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