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Listed by Shane Young • Younglewin Advisors, Inc.
$ 2,145,000
Est. payment /mo
New
1700 Pacific Avenue Long Beach, CA 90813
6,423 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 6,423 sqft
Price per Sqft $333
Subdivision Poly High
MLS Listing ID PW-25182296
Year Built 1964
Lot Size 6,053 Sqft
Property Sub-Type Apartment
Property Description
Present All Offers! We are pleased to present a 10 unit investment opportunity located at 1700 Pacific Ave in Long Beach. All major systems have been redone, including new electric (main and sub panels), ABS plumbing systems, new vinyl windows, and the roof is in great condition as well. At a current 5.44% Cap Rate, and 11.2 GRM with upside to a 7.01% Cap Rate and 9.5 GRM, this is priced attractively & below the area average. In addition to all of the major improvements to the property, the tenants benefit from a rear roof deck, onsite laundry room (hookups with no machines), as well as onsite parking. There is ample retail and dining options nearby, and being located just off Pacific Coast Hwy, the central location allows for easy commute to downtown, the beach, and easy access to 710/405 Freeways. The property is also steps away from numerous new construction apartment buildings, retail centers, the $176 million reconstruction of Washington Middle School's five-acre campus & the $450 million Poly High School campus renovation. In addition to the 27% upside in Net Operating Income, there is even more opportunity with the potential to convert the existing garage and rear parking area + roof deck into ADUs. One can reasonably get an additional 4+ units onsite for additional income and equity growth.
Location
State CA
County Los Angeles
Area 9 - Poly High
Zoning LBR4R
Interior
Laundry See Remarks, Common Area
Exterior
Parking Features Assigned
Garage Spaces 1.0
Pool None
Community Features Biking, Curbs, Dog Park, Golf, Gutters, Park, Sidewalks, Storm Drains, Street Lights
Building
Lot Description Near Public Transit, Park Nearby, Value In Land
Sewer Public Sewer