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Super high yield 14-unit apartment opportunity at a 6.6% cap rate and 9.7X GRM on actual rents. At only $169k/door this property qualifies for 73% LTV purchase financing ($645K down) and will deliver an 8.9% cash on cash return at a 7% cap rate after only one rent increase. 12 studios and two 1BD/1BA units in 5,276 rentable square feet on a 7,419 square foot lot. Significant renovations and capital improvements done including new separately metered complete electrical system, foundation earthquake retrofit, and most interiors are remodeled. Community laundry room plus 5 garages for additional income or ADU potential.Convenient location in the Washington neighborhood directly across the street from Washington Middle School, currently undergoing a massive $176 million reconstruction project. Excellent transit access only a few blocks to the metro blue line rail station, PCH, and the 710 freeway. Just 7 blocks North of Downtown Long Beach, with ongoing new developments of over $8 billion. Over 60% of households within 5 miles are renters with an average household income of over $94,000 (CoStar). Walk Score 86/100.
Last Updated | 5/5/2025 | Tract | Washington |
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Year Built | 1923 | Community | Downtown Area, Alamitos Beach |
Garage Spaces | 5.0 | County | Los Angeles |
Additional Details
AIR | None |
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APPLIANCES | Gas Oven, Gas Range |
AREA | Downtown Area, Alamitos Beach |
CONSTRUCTION | Stucco |
GARAGE | Door-Single, Garage, Garage Faces Rear, Yes |
HEAT | Wall Furnace |
HOA DUES | 0 |
INTERIOR | Unfurnished |
LOT | 7419 sq ft |
LOT DESCRIPTION | Rectangular Lot |
PARKING | Door-Single,Garage,Garage Faces Rear |
POOL DESCRIPTION | None |
SEWER | Public Sewer |
STORIES | 2 |
STYLE | Mediterranean |
SUBDIVISION | Washington |
UTILITIES | Electric: Standard,220 Volts |
VIEW DESCRIPTION | None |
WATER | Public |
ZONING | LBR4N |
Location
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