540 E 64th St, Long Beach, CA 90805

540 E 64th St, Long Beach, CA 90805

Long Beach, CA

Property Description

Chris van Vuuren and Nico Rosmarin of Lyon Stahl Investment Real Estate are pleased to present 540 East 64th Street in Long Beach. This value-add asset is located within the rapidly gentrifying Jordan neighborhood of Long Beach. This exciting investment opportunity is proximate to the 710 & 91 freeways, Blueline and Long Beach Airport allowing for easy access to transportation to major business hubs.

540 East 64th Street is a two-story apartment building built in 1960. This unique sixteen-unit apartment building is comprised of sixteen (16) large one-bedroom/one-bathroom units totaling 9,964 square feet. There are sixteen (16) carport parking spaces, an on-site laundry room and secure gated entry. This is a true value-add opportunity and a pride of ownership building where the units have been held in great condition over the years.

First time on the market for over 19 years, 540 E. 64th St. offers an astute investor to acquire an asset in great condition with tremendous value-add opportunity to maximize the return on their investment while minimizing their expenses. With over +/- 35% rental upside and the subject property’s irreplaceable location, 540 East 64th Street is an excellent investment opportunity in one of the most exciting markets in Southern California.

Property Features

  • Sale Price: $2,931,000
  • Area Size: 9,964 SF
  • Land Area: 13,759 SF
  • Year Built: 1960
  • Closing Date: 10/16/19
  • Units: 16
  • Current GRM: 14.66
  • Current Cap Rate: 3.98%
  • Price Per Unit: $175,938
  • Market GRM: 9.31
  • Market Cap Rate: 7.92%