1464 Gardenia Ave
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1464 Gardenia Ave
8 Unit Block of Flats £1,696,350 (£212,044/Unit) 6.18% Net Initial Yield Long Beach, CA 90813
Investment Highlights
- High yield, low expense property at an in-place cap rate of 6.2%
- 100% of units upgraded with new vinyl flooring, new kitchens, bathrooms, paint, and lighting
- Totally remodeled turnkey 8-unit property in a high demand rental area
Executive Summary
- Totally remodeled turnkey 8 unit (6+ 2 brand new ADUs) property in a high demand rental area of Long Beach
- Great unit mix with one 3 bed/1 bath unit, five 2 bed/1 bath units, and two brand new 1 bed/1 bath detached ADUs
- High yield, low expense property at an in-place cap rate of 6.2% and a GRM of 10.61 with an additional 4% in upside to a market cap rate of 6.6% and a 10.13 GRM
- Extensively renovated property including exterior refresh, new windows, main electrical panel, controlled access, low-water landscaping, common areas, and lighting
- 100% of units upgraded with new vinyl flooring, new kitchens, bathrooms, paint, and lighting
- Two brand new 1 bed/1 bath ADUs just completed at the rear of the property separated by a new turf courtyard. ADUs include mini-split AC units, in-unit laundry hookups, open concept kitchen/living areas, stainless steel appliances, high grade cabinets, quartz countertops, and full sized bathrooms
- Parking for 3-4 cars in the rear of the property
- Great unit mix with one 3 bed/1 bath unit, five 2 bed/1 bath units, and two brand new 1 bed/1 bath detached ADUs
- High yield, low expense property at an in-place cap rate of 6.2% and a GRM of 10.61 with an additional 4% in upside to a market cap rate of 6.6% and a 10.13 GRM
- Extensively renovated property including exterior refresh, new windows, main electrical panel, controlled access, low-water landscaping, common areas, and lighting
- 100% of units upgraded with new vinyl flooring, new kitchens, bathrooms, paint, and lighting
- Two brand new 1 bed/1 bath ADUs just completed at the rear of the property separated by a new turf courtyard. ADUs include mini-split AC units, in-unit laundry hookups, open concept kitchen/living areas, stainless steel appliances, high grade cabinets, quartz countertops, and full sized bathrooms
- Parking for 3-4 cars in the rear of the property
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | £1,696,350 | Apartment Style | Low Rise |
| Price Per Unit | £212,044 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Net Initial Yield | 6.18% | Building Size | 5,112 SF |
| Gross Rent Multiplier | 10.61 | Number of Floors | 2 |
| No. Units | 8 | Year Built | 1953 |
| Property Type | Residential | Parking Ratio | 0.78/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | £1,696,350 |
| Price Per Unit | £212,044 |
| Sale Type | Investment |
| Net Initial Yield | 6.18% |
| Gross Rent Multiplier | 10.61 |
| No. Units | 8 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 5,112 SF |
| Number of Floors | 2 |
| Year Built | 1953 |
| Parking Ratio | 0.78/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Air Conditioning
- Washer/Dryer Hookup
- Stainless Steel Appliances
- Vinyl Flooring
- Quartz Countertops
Site Amenities
- 24 Hour Access
- Controlled Access
- Courtyard
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 2 | - | - |
| 2+1 | 5 | - | - |
| 3+1 | 1 | - | - |
1 of 1
Walk Score ®
Very Walkable (88)
PROPERTY TAXES
| Parcel Number | 7261-017-011 | Total Assessment | £1,306,727 (2024) |
| Land Assessment | £816,705 (2024) | Annual Taxes | -£1 (£0.00/sf) |
| Improvements Assessment | £490,023 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
7261-017-011
Land Assessment
£816,705 (2024)
Improvements Assessment
£490,023 (2024)
Total Assessment
£1,306,727 (2024)
Annual Taxes
-£1 (£0.00/sf)
Tax Year
2023
zoning
| Zoning Code | R2N, Long Beach |
| R2N, Long Beach |
-
Anthony Walker -
Josh Ess -
Buckingham Investments
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1464 Gardenia Ave
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