1075 E South St - Apartments FOR SALE


Long Beach, CA 90805- Bixby Knolls
$4,500,000 USD
626-399-2415
1075 E South St, Long Beach, CA for Sale
$4,500,000 USD
Apartments - FOR SALE
1/4
null | 6.52% Cap Rate

1075 E South St
Long Beach, CA 90805
Bixby Knolls


HIGHLIGHTS

  • 1987 Construction
  • All 2 bedroom unit mix – Units average 868 square feet each – 14) 2 bed/2 bath and 4) 2 bed/1 bath units
  • Strong in place cashflow – 6.37% cap rate and a 10.01 GRM with current rents
  • Secure ground level gated parking with 25 spaces, including three storage spaces
  • Additional 20% upside in rents to market rate
  • Separately metered for gas and electricity

OVERVIEW

Young Lewin Advisors is pleased to present 1075 E. South Street, a 1987 constructed 18 unit building to market in the city of Long Beach. The property features an all two bedroom unit mix with units averaging approximately 868 square feet each with balconies in select units. Current operations deliver a strong 6.52% cap rate and a 10.90 GRM based on existing rents, while still offering approximately 20% upside in gross rental income to market. The property has fully gated and secured parking for 25 spaces in addition to three secure storage spaces in the garage area. Attractive market financing options exist that could potentially boost a cash on cash return of 7% with a 30% down payment (buyer to verify). Situated on a quiet residential street in a solid North Long Beach location, the property combines stable current income, future rent growth potential, and a desirable neighborhood setting.

FOR SALE DETAILS

PRICE

$4,500,000 USD

PRICE/SF

$288 USD /SF

# OF UNITS

18

PRICE/UNIT

$250,000

CAP RATE

6.52%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1987

PARKING SPACES

25

LAND DETAILS

LAND ACRES

0.29 AC

LAND SF

12,461 SF

ZONING

LBCNR

APN/PARCEL ID

7124-027-028

ASK ABOUT THIS PROPERTY

Jack JorgensenYoung Lewin AdvisorsMore Info
626-399-2415

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Jack JorgensenYoung Lewin AdvisorsMore Info
626-399-2415

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.