1075 Obispo Ave, Long Beach, CA 90804

1075 Obispo Ave, Long Beach, CA 90804

Long Beach, CA
$2,795,000

Property Description

1075 Obispo Ave. is a meticulously renovated 9-unit apartment complex in Long Beach, California. The seller spent roughly $200,000 on capital improvements. The offering is only two miles from CSULB in prime Eastside Long Beach and is a “walker’s paradise” boasting a walk score of 94 which allows daily errands to be done on foot. The building is exclusively comprised of spacious two-bedroom/one-bathroom units totaling 7,632 square feet. The property has secure gated entry and a common laundry room for the tenant’s convenience and there are four individual garages and four open parking spaces in the rear of the building. Extensive interior renovations include quartz countertops, waterproof vinyl flooring, stainless steel appliances, modern style white shaker cabinets with soft close, ceiling fans, new paint, and fully upgraded bathrooms with ceramic tile shower enclosures. Exterior renovations include new paint, new security screen doors, new lighting, landscaping, fence and mailboxes. 1075 Obispo Avenue’s location, cashflow, attractive financing and high-end renovations provide a new investor the opportunity to own an improved asset that will minimize their cost, maximize their return over the long-term investment horizon and provide a superior hedge against inflation

Property Features

  • Sale Price: $2,795,000
  • Area Size: 7,632 SF
  • Year Built: 1963
  • Listing Date: August 30, 2021
  • Units: 9
  • Price Per Unit: $310,556
  • Market GRM: 12,78
  • Market Cap Rate: 5.77%

Lyon Stahl Investment Real Estate

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