Just Listed – 12 Units Completely Remodeled in Long Beach
Cameron Samimi of Lyon | Stahl is pleased to present 1106 Pacific Ave, a 12-unit turnkey property in Downtown Long Beach!
This property is listed for $3,420,000
Turnkey asset, fully renovated, operating just below a 5% Cap. 1106 Pacific Ave. is a beautiful, 12-unit asset located in Downtown Long Beach made up of (10) 1-bed/1-bath and (2) 2-bed/1- bath units.
The property was completely remodeled in 2019 with all new copper plumbing, new gas & sewer lines, new electrical, new flooring, and brand-new kitchens and bathrooms. The exterior of the property was fully re-painted as well as beautifully landscaped with all new flower beds and new turf. 1106 Pacific Ave. comes with (6) garages as well as an on-site laundry room, providing room for additional income. Every unit is currently receiving near top of the market rents, providing stable cash flow for the new owner.
This is the perfect opportunity for any buyer or exchange buyer looking to own a pristine, stabilized, cash flowing asset in the rapidly growing city of Long Beach. Do not miss out to own a piece of one of Southern California’s last affordable beach communities.
• Completely remodeled in 2019, turnkey condition
• New copper plumbing, new electrical, new kitchens and bathrooms, new flooring, new gas & sewer lines
• Exterior has been fully re-painted, fully landscaped
• (10) 1-bed/1-bath , (2) 2-bed/1-bath units receiving top of the market rents
• Currently operating at a 4.90% Cap
• (6) Garages, on-site laundry room
• Separately metered for gas and electric
• Close proximity to Downtown Long Beach, freeway access, and metro blue line light rail station
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 easy commutes 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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