Lyon | Stahl is pleased to present this unique 4 unit multi-family opportunity at 1532 Pacific Avenue, Long Beach, CA.
This large 4-plex across from Washington Middle School boasts two 2-bedroom/1-bath units plus two 3-bedroom/1-bath units. Current rents have the building producing at over a 5.10% Cap rate with room for further rent upside.
Furthermore, with over 4000 square feet of raw land approved for development this lot offers plenty of long term development upside. The property is truly a unique opportunity just outside Downtown Long Beach and just south of Pacific Coast Highway. With over $2.5 billion in development coming to the nearby area including the $520 million Civic Center project, $250 million Queen Mary Island waterfront development, and the $53 million Long Beach Aquarium Expansion, the area is ripe with redevelopment.
One of the best current cap rate and development opportunity on the market, this turn-key asset is the perfect investment for an exchange buyer or owner looking to own a piece of one of Southern California’s last affordable beach communities.
• Located in the quiet neighborhood of Washington across from Washington Middle School
• Close freeway access along PCH as well as rapid downtown transit
• Cash flow property with a current cap over 5.4% and market cap of 7%
• Opportunity to increase value with parking and Section 8 consideration
• Value add opportunity with 4000 square feet of raw land approved for development