1050 Gaviota Ave
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1050 Gaviota Ave
14 Unit Block of Flats £3,688,575 (£263,470/Unit) 5.65% Net Initial Yield Long Beach, CA 90813
Investment Highlights
- Priced at a 5.65% Cap Rate / 11.95 GRM on current rents with upside to 6.07% cap rate/11.34 GRM
- Garages also offer the opportunity for ADU conversion
- Eight (8) garages and a laundry room provide opportunities for additional income
Executive Summary
1050 Gaviota Avenue is a 14-unit asset, located in the in Long Beach, California.
Built in 1963, the property is comprised of (1) 4BD/1BA, (3) 3BD/1BA + Den,
(4) 3BD/1BA, (4) 2BD/1BA, and (2) 1BD/1BA units. Spread across a 12,474-square foot lot, the property has eight (8) garages and a laundry room on site providing additional income. The garages also offer the opportunity for ADU conversion.
Priced at a 5.65% cap rate & 11.95 GRM on actual rents with upside to 6.07% cap rate and 11.34 GRM.
Built in 1963, the property is comprised of (1) 4BD/1BA, (3) 3BD/1BA + Den,
(4) 3BD/1BA, (4) 2BD/1BA, and (2) 1BD/1BA units. Spread across a 12,474-square foot lot, the property has eight (8) garages and a laundry room on site providing additional income. The garages also offer the opportunity for ADU conversion.
Priced at a 5.65% cap rate & 11.95 GRM on actual rents with upside to 6.07% cap rate and 11.34 GRM.
Property Facts
| Price | £3,688,575 | Apartment Style | Low Rise |
| Price Per Unit | £263,470 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.29 AC |
| Net Initial Yield | 5.65% | Building Size | 12,928 SF |
| Gross Rent Multiplier | 11.95 | Number of Floors | 2 |
| No. Units | 14 | Year Built/Renovated | 1963/2007 |
| Property Type | Residential | Parking Ratio | 1.24/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | £3,688,575 |
| Price Per Unit | £263,470 |
| Sale Type | Investment |
| Net Initial Yield | 5.65% |
| Gross Rent Multiplier | 11.95 |
| No. Units | 14 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.29 AC |
| Building Size | 12,928 SF |
| Number of Floors | 2 |
| Year Built/Renovated | 1963/2007 |
| Parking Ratio | 1.24/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Wheelchair Accessible (Rooms)
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 2+1 | 6 | - | 988 |
| 3+1 | 7 | - | 1,188 |
| 4+1 | 1 | - | 1,200 |
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Walk Score ®
Very Walkable (85)
PROPERTY TAXES
| Parcel Number | 7267-012-041 | Improvements Assessment | £1,149,226 |
| Land Assessment | £2,134,276 | Total Assessment | £3,283,502 |
PROPERTY TAXES
Parcel Number
7267-012-041
Land Assessment
£2,134,276
Improvements Assessment
£1,149,226
Total Assessment
£3,283,502
zoning
| Zoning Code | R2N, Long Beach |
| R2N, Long Beach |
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Robert Stepp -
Michael Toveg -
Stepp Commercial
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1050 Gaviota Ave
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