345 E 20th St, Long Beach, CA 90806

345 E 20th St, Long Beach, CA 90806

Long Beach, CA

Property Description

345 E 20th St in Long Beach is a great investment opportunity for local investors or 1031 exchange clients alike. The 23 units have been upgraded both on the interior and exterior. The upgrades include but are not limited to the roof being replaced within the last 10 years, a majority of the plumbing being replaced, and each unit being heavily remodeled in the last 5 years. The subject property currently has 4 private garages and an onsite laundry room, both of which provide additional income. 345 E 20th St boasts a strong walk score of 95 due to the extremely convenient distance between grocery stores as well as dining and entertainment options.

Property Features

  • Sale Price: $4,190,000
  • Area Size: 11,046 Sq. Ft.
  • Land Area: 17,609 Sq. Ft.
  • Year Built: 1923
  • Listing Date: 10/11/2023
  • Units: 23
  • Current GRM: 12.36
  • Current Cap Rate: 5.02%
  • Price Per Unit: $189,130
  • Market GRM: 9.99
  • Market Cap Rate: 6.68%
  • Current NOI: $218,575