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1106 Pacific Ave, Long Beach, CA 90806

$3,420,000

Description

Turnkey asset, fully renovated, operating just below a 5% Cap. 1106 Pacific Ave. is a beautiful, 12-unit asset located in Downtown Long Beach made up of (10) 1-bed/1-bath and (2) 2-bed/1- bath units.

The property was completely remodeled in 2019 with all new copper plumbing, new gas & sewer lines, new electrical, new flooring, and brand-new kitchens and bathrooms. The exterior of the property was fully re-painted as well as beautifully landscaped with all new flower beds and new turf. 1106 Pacific Ave. comes with (6) garages as well as an on-site laundry room, providing room for additional income. Every unit is currently receiving near top of the market rents, providing stable cash flow for the new owner.

This is the perfect opportunity for any buyer or exchange buyer looking to own a pristine, stabilized, cash flowing asset in the rapidly growing city of Long Beach. Do not miss out to own a piece of one of Southern California’s last affordable beach communities.

Investment Highlights:
• Completely remodeled in 2019, turnkey condition
• New copper plumbing, new electrical, new kitchens and bathrooms, new flooring, new gas & sewer lines
• Exterior has been fully re-painted, fully landscaped
• (10) 1-bed/1-bath , (2) 2-bed/1-bath units receiving top of the market rents
• Currently operating at a 4.90% Cap
• (6) Garages, on-site laundry room
• Separately metered for gas and electric
• Close proximity to Downtown Long Beach, freeway access, and metro blue line light rail station

Property Downloads

Address

  • City: Long Beach
  • State/county: CA
  • Country: United States

Detail

Updated on August 21, 2019 at 9:48 pm

  • Price: $3,420,000
  • Property Size: 8,203 Sq Ft
  • Land Area: 7,506 Sq Ft
  • Year Built: 1963
  • Property Type: Multifamily
  • Property Status: Active
  • Numbers of Units: 12
  • GRM: 13.56
  • CAP RATE: 4.90%
  • Price per Unit: $285,000
  • Market GRM: 13.12
  • Market CAP RATE: 5.14%

Contact info

Cameron Samimi
Cameron Samimi
(310) 880-3855 (310) 259-7556
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