755 Gaviota Ave - Apartments FOR SALE


Long Beach, CA 90813- Downtown Long Beach
$2,950,000 USD
949-500-5099
755 Gaviota Ave, Long Beach, CA for Sale
$2,950,000 USD
Apartments - FOR SALE
1/15
null | 6.08% Cap Rate

755 Gaviota Ave
Long Beach, CA 90813
Downtown Long Beach


HIGHLIGHTS

  • 6.1% Cap Rate on Current Rents with Upside
  • 100% 2-Bedroom/2-Bathroom Units
  • Built in 1987
  • Each Unit has Seperate APNs - Not Subject to Statewide or Local Rent Control
  • Turnkey Asset w/ High-End Finishes. All Units Fully Renovated
  • Washer & Dryer in Every Unit

OVERVIEW

Morgan Skenderian, Inc., is pleased to present this well-maintained 8-unit multifamily property in Long Beach. Built in 1987, the property features exclusively two-bedroom, two-bathroom units, offering a highly desirable and functional layout for tenants. All eight units have been extensively renovated with brand-new flooring, updated countertops, and modern stainless steel kitchen appliances, including a refrigerator, stove/oven, and dishwasher. Each unit also includes in unit washers and dryers, private balconies, and ceiling fans, enhancing overall tenant comfort and convenience. The property is uniquely configured with separate APNs for each unit, providing a future buyer with flexibility and potential exit strategies. Additionally, the asset is not subject to statewide or local rent control, allowing for unrestricted rent growth. Current ownership has implemented a RUBS program, generating additional income. On-site amenities include a secured parking garage and controlled access, further contributing to tenant appeal and overall property security.

FOR SALE DETAILS

PRICE

$2,950,000 USD

PRICE/SF

$474 USD /SF

# OF UNITS

8

PRICE/UNIT

$368,750

CAP RATE

6.08%

% LEASED

100%

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

14

LAND DETAILS

LAND ACRES

0.15 AC

LAND SF

6,728 SF

ZONING

RR2N, Long Beach

APN/PARCEL ID

7267-028-030,7267-028-031,7267-028-032,7267-028-033,7267-028-034,7267-028-035,7267-028-036,7267-028-037

ASK ABOUT THIS PROPERTY

Rick ApplebaumMorgan-Skenderian Investment Real Estate GroupMore Info
949-500-5099

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Rick ApplebaumMorgan-Skenderian Investment Real Estate GroupMore Info
949-500-5099

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