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Listed by Cameron Samimi, DRE #02035763 • Lyon Stahl Investment Real Estate, Inc.
$ 2,300,000
Est. payment /mo
Active
1950 Pacific Long Beach, CA 90806
6,735 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRSB26144665
Year Built 1962
Lot Size 6,735 Sqft
Source California Regional MLS
Property Description
1950 Pacific Ave presents a rare VALUE ADD Opportunity to acquire an 11-unit multifamily asset in Long Beach with strong in-place cash flow and two newly constructed ADUs already completed. The property features a desirable unit mix consisting of 1-bedroom and 2-bedroom units, including the two new ADUs, giving investors a clean combination of existing income, newer added rental units, and continued upside in rents. Built in 1962, the property totals approximately 6,733 square feet of building area on an approximately 8,591 square foot lot. Current scheduled rents total approximately $19,559 per month, or $234,712 annually, with market rents projected at approximately $21,940 per month before additional garage income, bringing total annualized market income to approximately $270,480. At the asking price of $2,300,000, the property is priced at approximately $209K per unit and $267 per net rentable square foot. The asset currently operates at a 9.80 GRM and 7.03% cap rate, with the ability to move toward an 8.50 GRM and 8.54% cap rate at market rents. The offering provides investors with strong current income, two newly built ADUs, and a clear path for additional rent growth in a central Long Beach location. With multiple units still below market and the ADU income alr
Location
State CA
County Los Angeles
Area 5 - Wrigley Area
Interior
Laundry None
Exterior
Garage Spaces 3.0
Pool None
Building
Water District - Public
Others
Tax ID 7209020010
Special Listing Condition Not Applicable
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