Price Reduced! Present All Offers! We are pleased to present a 10 unit investment opportunity located at 1700 Pacific Ave in Long Beach. All major systems have been redone, including new electric (main and sub panels), ABS plumbing systems, new vinyl windows, and the roof is… Read More in great condition as well. At a current 6.01% Cap Rate, and 10.41 GRM with upside to a 7.71% Cap Rate and 8.82 GRM, this is priced attractively & below the area average. In addition to all of the major improvements to the property, the tenants benefit from a rear roof deck, onsite laundry room (hookups with no machines), as well as onsite parking. There is ample retail and dining options nearby, and being located just off Pacific Coast Hwy, the central location allows for easy commute to downtown, the beach, and easy access to 710/405 Freeways. The property is also steps away from numerous new construction apartment buildings, retail centers, the $176 million reconstruction of Washington Middle School’s five-acre campus & the $450 million Poly High School campus renovation. In addition to the 29% upside in Net Operating Income, there is even more opportunity with the potential to convert the existing garage and rear parking area + roof deck into ADUs. One can reasonably get an additional 4+ units onsite for additional income and equity growth. Read Less
Property listed by Younglewin Advisors, Inc., Shane Young 562-556-1118
Listing Snapshot
Days Online
71
Last Updated
Property Type
Apartment
Lot Size
0.14 Acres
Year Built
1964
MLS Number
PW25182296
30 Days Snapshot Of 90813
$428k
-12%
(avg) sold price
4
-63%
homes sold
76
-14%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1964, Building area total: 6,423, Levels: Two, 2 stories, 1 building, Architectural style: , Attached, Common walls: TwoCommonWallsOrMore
Community
Biking, Curbs, DogPark, Golf, Gutters, StormDrains, StreetLights, Sidewalks, Park
Expenses
Electric expense: $2,500, Insurance expense: $8,029, Operating expense: $65,739, Trash expense: $1,500, Water sewer expense: $2,000
Garage
5 spaces
Income
Gross income: $191,100, Net operating income: $119,627
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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