1415-1425 Martin Luther King Jr Ave - Apartments FOR SALE


Long Beach, CA 90813- Downtown Long Beach
$2,400,000 USD
424-405-3826
1415-1425 Martin Luther King Jr Ave, Long Beach, CA for Sale
$2,400,000 USD
Apartments - FOR SALE
1/12
null | 6.57% Cap Rate

1415-1425 Martin Luther King Jr Ave
Long Beach, CA 90813
Downtown Long Beach


HIGHLIGHTS

  • 10 Units on Two Contiguous Parcels
  • 4plex with all 2BD/1BA units, a duplex containing a 3BD/2BA unit and a 1BD/1BA unit and a rear fourplex with all 2BD/1BA units
  • Amenities Include Ample Surface Parking and On-Site Laundry
  • 15 Percent Potential Upside in Rents
  • A New Investor May Want to Explore the Potential to Build ADU’s in the Large Parking Lot of 1415 MLK Jr. Ave. (Buyer to Verify)
  • Located in the Poly High Neighborhood Walkable to Grocery Stores

OVERVIEW

Marcus & Millichap is pleased to present to market the exciting opportunity to acquire two contiguous multifamily investment properties in Long Beach, California. This offering comprises 1415 Martin Luther King Jr. Avenue, a 1961 construction fourplex with all two-bed/one-bath units, and the adjacent 1425 Martin Luther King Jr. Avenue, a six-unit property consisting of a front duplex with a three-bed/two-bath unit and a one-bed/one-bath unit, as well as a rear fourplex with all two-bed/one-bath units. The property also offers on-site laundry and ample surface parking. The property is located in Long Beach’s Poly High neighborhood within easy walking distance of grocery stores and other amenities. Current rents offer a new investor 15 percent potential upside, and there may be potential to develop ADU’s in the large parking lot of 1415 Martin Luther King Jr. Ave (buyer to verify).

FOR SALE DETAILS

PRICE

$2,400,000 USD

PRICE/SF

$330 USD /SF

# OF UNITS

10

PRICE/UNIT

$240,000

CAP RATE

6.57%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1930

PARKING SPACES

10

LAND DETAILS

LAND ACRES

0.3 AC

LAND SF

12,981 SF

ZONING

R1N, Long Beach

APN/PARCEL ID

7268-013-016,7268-013-018

ASK ABOUT THIS PROPERTY

Steve BogoyevacMarcus & MillichapMore Info
424-405-3826

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Steve BogoyevacMarcus & MillichapMore Info
424-405-3826

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