305 Coronado Ave
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305 Coronado Ave
16 Unit Block of Flats £3,916,500 (£244,781/Unit) 5.55% Net Initial Yield Long Beach, CA 90814
Investment Highlights
- Charming 16-Unit Remodeled Building Offered at a 5.55% Current Cap Rate
- Strong In-Place Cash Flow
- Located in the Desirable Bluff Heights Neighborhood Walkable to Dining, Retail, and the Beach
Executive Summary
Marcus & Millichap is pleased to present to market 305 Coronado Avenue, a 16-unit apartment building in the highly desirable Bluff Heights neighborhood of Long Beach, California. The building is a charming 1948 construction with a mix of eight studio and eight one-bedroom units, many of which have been remodeled. Unit interiors boast refinished hardwood flooring, modernized kitchens and baths. The property also offers private patios, on-site laundry, and storage options.
305 Coronado Avenue is in a great rental location steps to an elementary school, within easy walking distance of popular restaurants along Broadway, a half-mile to Bluff Park and the beach, and proximate to Second Street dining, retail and entertainment.
The property boasts strong in-place rents with four percent potential upside, and furthermore, a RUBS program significantly recoups utility expenses. 305 Coronado Avenue is an excellent acquisition opportunity for any investor looking for strong in-place cash flow and great location in a desirable coastal rental market.
305 Coronado Avenue is in a great rental location steps to an elementary school, within easy walking distance of popular restaurants along Broadway, a half-mile to Bluff Park and the beach, and proximate to Second Street dining, retail and entertainment.
The property boasts strong in-place rents with four percent potential upside, and furthermore, a RUBS program significantly recoups utility expenses. 305 Coronado Avenue is an excellent acquisition opportunity for any investor looking for strong in-place cash flow and great location in a desirable coastal rental market.
Property Facts
| Price | £3,916,500 | Property Subtype | Apartment |
| Price Per Unit | £244,781 | Apartment Style | Low Rise |
| Sale Type | Investment | Building Class | C |
| Net Initial Yield | 5.55% | Lot Size | 0.15 AC |
| Gross Rent Multiplier | 12.71 | Building Size | 9,958 SF |
| No. Units | 16 | Number of Floors | 2 |
| Property Type | Residential | Year Built | 1948 |
| Price | £3,916,500 |
| Price Per Unit | £244,781 |
| Sale Type | Investment |
| Net Initial Yield | 5.55% |
| Gross Rent Multiplier | 12.71 |
| No. Units | 16 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 9,958 SF |
| Number of Floors | 2 |
| Year Built | 1948 |
Site Amenities
- Controlled Access
- Laundry Facilities
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| Studios | 8 | - | 520 |
| 1+1 | 8 | - | 725 |
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Walk Score ®
Walker's Paradise (92)
Bike Score ®
Very Bikeable (84)
PROPERTY TAXES
| Parcel Number | 7257-020-023 | Improvements Assessment | £2,659,981 |
| Land Assessment | £831,244 | Total Assessment | £3,491,225 |
PROPERTY TAXES
Parcel Number
7257-020-023
Land Assessment
£831,244
Improvements Assessment
£2,659,981
Total Assessment
£3,491,225
zoning
| Zoning Code | RR2 |
| RR2 |
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305 Coronado Ave
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