1444 E 16TH St, Long Beach, CA 90813

1444 E 16TH St, Long Beach, CA 90813

Long Beach, CA

Property Description

1444 E 16th Street is a bungalow style 7 unit apartment complex in Long Beach, CA. Located in Central Area of Long Beach with proximity to the A Line (22 mile light rail line), Pacific Coast Highway and the 405 & 710 freeways providing tenants access to a variety of popular dining, retail, entertainment options and high paying employment opportunities. Boasting a walk score of 90, it is a “walker’s paradise” allowing daily errands to be done on foot. The subject property is comprised of four (4) one bed/one bath, (1) two bed/one bath bungalow style units & (2) two bed/one bath units with six (6) total buildings on a 6,474 sqft lot. The property has secure gated entry, copper plumbing, newer stucco and paint, separate gas & electricity meters and individual water heaters keeping landlord expenses to a minimum. Open space in South portion of the parcel provides possible ADU potential. 1444 E 16th Street provides an investor with the opportunity to own an improved asset with 30 percent potential upside in rents and easier to maintain single story units in one of the fastest growing markets in Southern California. No municipal rent control, subject to AB 1482.

Property Features

  • Sale Price: $1,690,000
  • Area Size: 3,584 SF
  • Year Built: 1949
  • Listing Date: May 10, 2022
  • Units: 7
  • Current GRM: 15.15
  • Current Cap Rate: 4.32%
  • Market GRM: 11.66
  • Market Cap Rate: 6.29%

Lyon Stahl Investment Real Estate

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