1424 Coronado Ave, Long Beach, CA 90804

1424 Coronado Ave, Long Beach, CA 90804

Long Beach, CA

Property Description

Turnkey asset performing at 13.3 GRM and 4.7% Cap Rate – 12.6 GRM and 5.1% Cap Rate with garage income included. This amazing opportunity consists of six separate bungalow style homes located within the Design District, an emerging submarket of the historic Zaferia District on the Eastside of Long Beach. Each unit has undergone an extensive remodel and consists of 1bed/1bath with updated appliances, functional layouts, laundry hookups, and a private side yard. The separate garage structure is currently being rebuilt and will consist of five brand-new 1-car garages, instantly increasing the income and value for the new owner. There is zero deferred maintenance and each unit is separately metered for gas and electricity, which offers low expenses and easy management. With close proximity to Cal State University, Long Beach and Long Beach City College – this dense rental market offers low vacancy rates, sustainable income, and strong market rents. Located in the path of progress, Long Beach is resurging due to hundreds of millions of dollars of private and public redevelopments, a growing local economy with strong employment, and the increasing demand to “live, work, and play” in this remarkable community. This is an amazing opportunity and a great addition to any portfolio!

Property Features

  • Sale Price: $1,400,000
  • Area Size: 2,592 SF
  • Land Area: .16 Acres
  • Year Built: 1923
  • Closing Date: 2/22/19
  • Units: 6

Lyon Stahl Investment Real Estate

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