909 Locust Ave, Long Beach, CA 90813

909 Locust Ave, Long Beach, CA 90813

Long Beach, CA

Property Description

Nico Rosmarin is pleased to present 909 Locust Avenue, a six- unit multifamily investment property in Long Beach, California.

The property is located on the northern edge of the North Pine neighborhood between Pacific Avenue and Long Beach Boulevard, conveniently near the 710 Freeway and just a seven-minute walk from the Metro Blue Line. This property boasts an excellent walk score of 92, which means tenants enjoy a “walker’s paradise” location. 909 Locust Avenue comprises three duplexes that contain a total of two studios, two one-bedroom units and two two-bedroom units.

One of the studios is being completely rehabbed and is expected to be completed by mid-May. The units are separately metered for gas and electricity. The property also offers one single-car garage and one driveway parking space. With steady cash flow on current rents, substantial potential upside, and a good location in a strong rental market, 909 Locust Avenue presents an excellent value-add opportunity.

Property Features

  • Sale Price: $1,230,000
  • Area Size: 3,678 SF
  • Land Area: 7,515 SF
  • Year Built: 1909
  • Closing Date: 8/7/18
  • Units: 6
  • Current GRM: 13.52
  • Current Cap Rate: 4.77%
  • Price Per Unit: $212,500
  • Market GRM: 11.81
  • Market Cap Rate: 5.80%
  • Current NOI: $60,800

Lyon Stahl Investment Real Estate

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