1861 Pacific Ave - Apartments FOR SALE
Long Beach, CA 90806 |
1861 Pacific Ave
Long Beach, CA 90806
HIGHLIGHTS
- 8 Unit building with 6 renovated residential units and 2 store-front retail units in Long Beach
- Incredible Current Cap Rate of 5.5% and 12.8 GRM from day 1 with upside to 6.8% Cap Rate and 10.9 GRM on Proforma
- Plans to covert each retail store into a 2 bed/1 bath residential unit to maximize rents
- Large unit mix consisting of 1 (3bed/1bath), 4 (2bed/1bath), 1 (studio/1bath), and 2 large storefronts
- Preliminary plans to add 2 Detached (3 bed/1bath) ADUs for future upside
- Rare 5 vacant garages in the back for additional income
FOR SALE DETAILS
PRICE
-
# OF UNITS
-
CAP RATE
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% LEASED
-
BUILDING DETAILS
PROPERTY NAME
8 Units Existing 5.5% Cap w upside to 6.8%Cap
PROPERTY TYPE
Multi-Family
APARTMENT STYLE
Low-Rise
PROPERTY SUBTYPE
Apartments
ADD'L SUBTYPES
Storefront Retail/Office
TOTAL BUILDING SIZE
6072
STORIES
2
YEAR BUILT
1929
PARKING SPACES
5
LAND DETAILS
LAND ACRES
-
LAND SF
-
ZONING
-
APN/PARCEL ID
7209-022-010
