1034 Newport Ave - Apartments FOR SALE


Long Beach, CA 90804
$1,675,000 USD
310-802-2525
1034 Newport Ave, Long Beach, CA for Sale
$1,675,000 USD
Apartments - FOR SALE
1/5
null | 4.31% Cap Rate

1034 Newport Ave
Long Beach, CA 90804


HIGHLIGHTS

  • Prime Long Beach location: 91 Walk Score, easy access to shopping, dining and recreational facilities
  • Strong Investment Appeal: Attractive 4.31% CAP rate (actual) and potential for 18% rent upside
  • Updated Units & Features: Three units recently remodeled with spacious layouts, individual water heaters, and electric-only utilities
  • Ample Parking & Amenities: Includes three single-car garages, one two-car garage, onsite laundry and a fully gated, secure property

OVERVIEW

4 units in a great LB location with a 91 Walk Score, nearby shopping, dining, Rec Park and more. Attractive unit mix: 1-3BR/2BA (single story), 2-2BR/2BA (2 story townhouses) and 1-2BR/1BA (2 story townhouse). Most units remodeled with new floors, all units are spacious and with well appointed floorplans. All units have a separate water heater and all electric building. Ample parking:(3) single car garages and (1) two car garage. Garages had a brand new roof last year. Onsite laundry facility and the entire property is gated and fully secured. The property currently grosses approx $113,700 per year and is priced attractively at a real 4.31% CAP (actual) and a 14.73 GRM. At market rents the property is a 12.50 GRM and 5.45% CAP. Approx 18% upside in current rents.

FOR SALE DETAILS

PRICE

$1,675,000 USD

PRICE/SF

$402 USD /SF

# OF UNITS

4

PRICE/UNIT

$418,750

CAP RATE

4.31%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1972

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.14 AC

LAND SF

6,251 SF

ZONING

LBR4R

APN/PARCEL ID

7258-008-006

ASK ABOUT THIS PROPERTY

Brian EstesRE/MAX Commercial & Investment RealtyMore Info
310-802-2525

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Brian EstesRE/MAX Commercial & Investment RealtyMore Info
310-802-2525

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.