1509 Rose Ave, Long Beach, CA 90813

1509 Rose Ave, Long Beach, CA 90813

Long Beach, CA
$1,115,000

Property Description

Lyon | Stahl is pleased to present 1509 Rose Ave in Long Beach. This pride of ownership 6-unit property in Central Long Beach features a 3,616 SF apartment complex on a gated 6,506 SF lot. The front building has (4) 1-bedroom/1-bath units that are approximately 684 SF each, while the rear building consists of (2) additional 440 SF 1-bedroom/1-bath units and (4) separate garages. Three of the four garages are currently leased to tenants for additional income providing value for both tenants and owners. The property is centrally located in Long Beach, providing easy access to freeways, public transit, & downtown with all the shops, restaurants, & entertainment it has to offer. At $175k/door with a pro forma GRM of 8.93, this asset will not last long.

<strong>Investment Highlights:
</strong>• Desirable Unit Mix – (6) 1-Bed 1-Bath Units<strong>
</strong>• 4% CAP with Immediately Obtainable Upside in a Strong Rental Market of LB<strong>
</strong>• Alleyway Access and Garage Parking in Rear
• Well-maintained Property with Little to no Deferred Maintenance<strong>
</strong>• First Time on the Market in almost 30 years<strong>
</strong>• Less Than 1% Vacancy Over the Past 10 years

Property Features

  • Sale Price: $1,115,000
  • Area Size: 3,616 SF
  • Land Area: 6,506 SF
  • Year Built: 1923
  • Closing Date: 8/30/19
  • Units: 6
  • Current GRM: 15.28
  • Current Cap Rate: 4.00%
  • Price Per Unit: $175,000
  • Market GRM: 8.93
  • Market Cap Rate: 8.47%