1702 E Florida St, Long Beach, CA 90802

1702 E Florida St, Long Beach, CA 90802

Long Beach, CA

Property Description


  • Plumbing: Full Copper Re-Pipe
  • Roof: New Silicon Sealant Coating
  • Foundation: Bolted and Braced by Seismic Safety, Earthquake Retrofit completed
  • Electrical: Completely Rewired, New Meters, New Sub-Panels
  • Sewers: Mainline Completely Replaced
  • Appliances: New 40-Gallon Water Heater in Each Unit


1702 E Florida St is a 4-unit building built in 1928. The property is composed of (4) 1-bed 1-bath units. Each Unit is approximately 840 sq ft. The average rent for each unit is $1,654 and boast a potential 18 rental upside. This is the first time this well maintained property has been listed on the market since 1990. The owner has made many substantial capital improvements including a full copper re-pipe to the plumbing The owner has completely re-wired the electricity which also includes new electrical meters and new electrical subpanels. The sewer mainline has been completely replaced, and new 40-gallon water heaters in each unit. The property also recently completed all required Retrofit work. The owner pays for water and sewer, while the tenants pay for gas, trash, and electricity The property is individually metered and fully occupied. This is a turnkey opportunity for an investor looking for a property in a well located area with all major capital improvements completed. The property is located in Alamitos Beach close to many restaurants and shops in Retro Row.

Property Features

  • Sale Price: $1,370,000
  • Area Size: 3,360 Sq. Ft.
  • Land Area: 2,546 Sq. Ft.
  • Year Built: 1928
  • Listing Date: 2/7/2023
  • Units: 4
  • Current GRM: 15.56
  • Current Cap Rate: 4.50%
  • Price Per Unit: $342,500
  • Market GRM: 13.92
  • Market Cap Rate: 5.21%
  • Current NOI: $61,647

Lyon Stahl Investment Real Estate

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