We are pleased to present 1071 N Almond Ct, a five-unit apartment building and multi-layered value-add opportunity in a strong Long Beach infill location. The building is 3,221 SF, sits on a 4,257 SF lot, and benefits from a strong unit mix of (3) 2 Bed/1 Bath and (2) 1… Read More Bed/1 Bath units. At $177,600/unit and $275.69/SF — both well below comp averages — the offering represents an attractive entry basis in a tightly held submarket. At a 3.5% CAP rate and 15.8 GRM on current in-place rents, this offering carries roughly 125% in rent upside, which would impute a 10.1% Market CAP and 7.0 Market GRM on stabilized market rents. Four units are occupied at rents well below market; the rear unit will be delivered vacant and requires full renovation. Further, the building benefits from efficient lot coverage, with a detached rear garage presenting a potential ADU conversion candidate and a second garage ADU opportunity once the rear building is renovated (buyer to verify). In addition, the property scores 93 on Walk Score and sits roughly three miles from the Port of Long Beach, which supports an estimated one in five jobs citywide. Demand is further supported by Anduril's $1 billion Douglas Park campus and its roughly 5,500 projected jobs. Full build-out of highest and best use is modeled at a 16.1% unlevered IRR over a 7-year hold. See OM for details. Offered as-is, where-is; buyer to verify zoning, rebuild rights, and ADU eligibility with the City of Long Beach. Read Less
Property listed by Lyon Stahl Investment Real Estate, Inc., Joshua Barut 310-259-7556
Listing Snapshot
Days Online
25
Last Updated
Property Type
Apartment
Lot Size
0.1 Acres
Year Built
1928
MLS Number
SB26196998
Additional Details
Building
Built in 1928, 2 buildings, 2 stories, Levels: Two, Entry level: 1, Entry location: Front & Rear
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.
Confirm your time
Fill in your details and we will contact you to confirm a time.
Michael Harby
or message me directly
Find My Dream Home
Put an experts eye on your home search! You’ll receive personalized matches of results delivered direct to you.
Import This Listing
Import Completed
To view your listing, click one of the options below.
