870 W 19th St - Apartments FOR SALE


Long Beach, CA 90806- Wrigley
$1,625,000 USD
949-200-7494
870 W 19th St, Long Beach, CA for Sale
$1,625,000 USD
Apartments - FOR SALE
1/3
null | 5.7% Cap Rate

870 W 19th St
Long Beach, CA 90806
Wrigley


HIGHLIGHTS

  • Attractive Pricing | 11.17 GRM at a 5.70% CAP Rate and $318 Per SF
  • Capital Improvements Include New Windows, Exterior Paint, Upgraded Balcony, Water Heater, and a Roof Replacement in 2016
  • Great Unit Mix of: (4) - 1 Bed/1 Bath Units and (3) - 2 Bed/1 Bath Units
  • Significant Value-Add Opportunity with Over 25% Rental Upside Potential
  • Spacious Corner Lot Featuring 5 Surface Parking Spaces in Front of 3 Garages used for Storage | Potential for Future ADU Conversion
  • No City Rent Control | Subject to AB-1482 | Permitting Annual Rent Increases of 5% + CPI

OVERVIEW

Matthews Real Estate Investment Services, as the exclusive listing agent, is pleased to present 870 W 19th Street, a 7 unit multifamily investment opportunity located on a corner lot in a quiet, family-oriented residential community of Long Beach. Built in 1953, this two-story, walk-up style apartment building features a well-balanced unit mix consisting of four (4) one-bedroom/one-bathroom units and three (3) two-bedroom/one-bathroom units. Encompassing approximately 5,100 rentable square feet on a 6,565 square foot lot, the property includes three (3) garages currently used for storage, offering potential for future ADU conversion, five surface parking spaces, and the on-site laundry facility provides an additional income stream. The property has undergone significant capital improvements, including new windows, exterior paint, upgraded balcony railing, water heater, and a roof replacement in 2016. The property presents a unique opportunity to acquire a well-maintained pride of ownership building with over 25% rental upside potential while offering low operating expenses, strong in-place income, and future upside through rental repositioning in the high demand rental market of Long Beach. Broker of Record: David Harrington License No. 02168060 (CA) (866) 889-0550 Matthews Real Estate Investment Services, Inc 2321 Rosecrans Ave., Suite 1225, El Segundo, CA 90245

FOR SALE DETAILS

PRICE

$1,625,000 USD

PRICE/SF

$238 USD /SF

# OF UNITS

7

PRICE/UNIT

$232,143

CAP RATE

5.7%

% 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

1953

PARKING SPACES

8

LAND DETAILS

LAND ACRES

0.15 AC

LAND SF

6,564 SF

ZONING

LBR1N

APN/PARCEL ID

7202-029-011

ASK ABOUT THIS PROPERTY

Kyle MirrafatiMatthews Real Estate Investment ServicesMore Info
949-200-7494

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Kyle MirrafatiMatthews Real Estate Investment ServicesMore Info
949-200-7494

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