228 E Artesia Blvd - Apartments FOR SALE


Long Beach, CA 90805- Bixby Knolls
$1,300,000 USD
424-405-3826
228 E Artesia Blvd, Long Beach, CA for Sale
$1,300,000 USD
Apartments - FOR SALE
1/4
null | 5.56% Cap Rate

228 E Artesia Blvd
Long Beach, CA 90805
Bixby Knolls


HIGHLIGHTS

  • Six-unit apartment building with renovated interiors, strong in-place rents and 16 percent rental upside
  • Mix of two two-bed/one-bath and four one-bed/one-bath units
  • Upgrades include copper plumbing, a newer roof, and remodeled interiors
  • Property features six parking spaces and on-site laundry
  • Located in North Long Beach proximate to the 91 and 710 Freeways and one block to Starr King Elementary

OVERVIEW

Marcus & Millichap is pleased to present to market 228 East Artesia Boulevard, a six-unit apartment building in Long Beach, California. This offering is an excellent opportunity to acquire an asset with remodeled interiors, solid in place rents plus 16 percent rental upside at a 5.56 percent current cap rate. 228 East Artesia Boulevard is a two-story 1962 construction with two two-bed/one-bath and four one-bed/one-bath units that are separately metered for gas and electricity. The building is situated on a gated lot with six surface parking spaces, and the property also offers shared on-site laundry. Additionally, the roof was replaced just six years ago and the building features all copper plumbing. The property is located in North Long Beach proximate to the 91 and 710 Freeways and one block to Starr King Elementary. This area is a strong rental submarket with consistently low vacancy rates. 228 East Artesia Boulevard is offered as part of a portfolio sale along with 248 East Artesia Boulevard, a seven-unit building just six parcels away. Properties may be acquired separately or together.

FOR SALE DETAILS

PRICE

$1,300,000 USD

PRICE/SF

$376 USD /SF

# OF UNITS

6

PRICE/UNIT

$216,667

CAP RATE

5.56%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1962

PARKING SPACES

6

LAND DETAILS

LAND ACRES

0.11 AC

LAND SF

4,936 SF

ZONING

LBR3T

APN/PARCEL ID

7303-012-037

ASK ABOUT THIS PROPERTY

Steve BogoyevacMarcus & MillichapMore Info
424-405-3826

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Steve BogoyevacMarcus & MillichapMore Info
424-405-3826

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