2018 Locust Ave
13 Unit Block of Flats £2,160,268 (£166,174/Unit) 5.50% Net Initial Yield Long Beach, CA 90806
INVESTMENT HIGHLIGHTS
- Only $249/SF.
- Excellent unit mix on a quiet tree lined street.
- Over 20% Rental Upside - Excellent Value Add Opportunity.
- EMAIL LISTING AGENT FOR MORE INFO INCLUDING A RENT ROLL AND OM.
EXECUTIVE SUMMARY
$100K PRICE REDUCTION - BRING ALL OFFERS - SELLER IS MOTIVATED.
Huge Value Add Opportunity - 20%+ rental upside. PRICED TO SELL - ONLY $241/SF. 13 units located in the Wrigley area of Long Beach subject to AB 1482 Rent Control (5% + CPI increases). Excellent unit mix for the area with onsite laundry and parking. 8.9 GRM and 7.4% CAP at market rents.
Property features 3 open parking spaces in the rear as well as 4 garages. There are also 2 covered garages in the front - possible ADU conversion - buyer to verify. Each unit also features its own private balcony space.
EMAIL LISTING AGENT FOR MORE INFO INCLUDING A RENT ROLL AND OM.
Huge Value Add Opportunity - 20%+ rental upside. PRICED TO SELL - ONLY $241/SF. 13 units located in the Wrigley area of Long Beach subject to AB 1482 Rent Control (5% + CPI increases). Excellent unit mix for the area with onsite laundry and parking. 8.9 GRM and 7.4% CAP at market rents.
Property features 3 open parking spaces in the rear as well as 4 garages. There are also 2 covered garages in the front - possible ADU conversion - buyer to verify. Each unit also features its own private balcony space.
EMAIL LISTING AGENT FOR MORE INFO INCLUDING A RENT ROLL AND OM.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
£192,827
|
£16.59
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
£192,827
|
£16.59
|
| Net Operating Income |
-
|
-
|
PROPERTY FACTS
| Price | £2,160,268 |
| Price Per Unit | £166,174 |
| Sale Type | Investment |
| Net Initial Yield | 5.50% |
| Gross Rent Multiplier | 10.99 |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.30 AC |
| Building Size | 11,626 SF |
| Average Occupancy | 100% |
| Number of Floors | 2 |
| Year Built | 1963 |
| Parking Ratio | 0.85/1,000 SF |
| Opportunity Zone |
Yes |
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Oven
- Tub/Shower
- Pantry
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Recycling
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 10 | - | 600 |
| 2+2 | 2 | - | 750 |
| 4+2 | 1 | - | 1,100 |
1 of 1
Walk Score®
Very Walkable (82)
Bike Score®
Very Bikeable (75)
PROPERTY TAXES
| Parcel Number | 7209-013-029 | Improvements Assessment | £1,488,599 |
| Land Assessment | £826,999 | Total Assessment | £2,315,598 |
ZONING
| Zoning Code | R3 |
