$4,800,000
1912 E 2nd Street
Long Beach, CA, 90802
Property Description
YoungLewin Advisors is pleased to present a well maintained 19-unit apartment building in Long Beach, California. The property is well-located just steps from Bixby Park and the Pacific Ocean in Long Beach’s vibrant Alamitos Beach neighborhood. The property’s excellent location also offers tenants convenient access to the numerous popular dining, shopping and entertainment opportunities on Broadway, Retro Row and in the rapidly redeveloping Downtown Long Beach.
1912 East 2nd Street consists of a two-story 1923 construction building that contains 11 studios, 6 one-bed/one-bath and 2 one-bed/one-and-one-half bath units. The property is securely gated and boasts a well-maintained art deco facade, an inner courtyard, and a two-car garage in the rear. Parking is a highly sought-after amenity in this neighborhood and could demand premium additional income. The property also has RUBS in-place to lower ownership''s expense. 1912 E 2nd is priced attractively at a 11.60 GRM, and a 5.40% cap rate with 20% upside in NOI to low 10 times gross and a 6.46% cap rate.
The excellent location combined with strong cash flow makes it an outstanding opportunity for an investor to add value and capture substantial potential upside in rents and long term appreciation.
1912 East 2nd Street consists of a two-story 1923 construction building that contains 11 studios, 6 one-bed/one-bath and 2 one-bed/one-and-one-half bath units. The property is securely gated and boasts a well-maintained art deco facade, an inner courtyard, and a two-car garage in the rear. Parking is a highly sought-after amenity in this neighborhood and could demand premium additional income. The property also has RUBS in-place to lower ownership''s expense. 1912 E 2nd is priced attractively at a 11.60 GRM, and a 5.40% cap rate with 20% upside in NOI to low 10 times gross and a 6.46% cap rate.
The excellent location combined with strong cash flow makes it an outstanding opportunity for an investor to add value and capture substantial potential upside in rents and long term appreciation.
Property Details
Price:
$4,800,000
MLS #:
PW24131544
Status:
Active
Baths:
0
Address:
1912 E 2nd Street
Type:
Residential Income
Subtype:
Apartment
Subdivision:
Alamitos Beach AB
Neighborhood:
4downtownareaalamitosbeach
City:
Long Beach
Listed Date:
Jun 26, 2024
State:
CA
ZIP:
90802
Lot Size:
8,274 sqft / 0.19 acres (approx)
Year Built:
1923
Schools
Interior
Exterior
Community Features
Dog Park, Park, Sidewalks, Street Lights
Garage Spaces
2.00
Lot Features
Park Nearby, Value In Land
Parking Spots
2.00
Pool Features
None
Sewer
Public Sewer
Stories Total
2
Water Source
Public
Financial
Tenant Pays
Electricity, Gas, Trash Collection, Water
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Courtesy of Younglewin Advisors, Inc.. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the California Regional Multiple Listing Service. Detailed information about real estate listings held by brokerage firms other than Mohr Real Estate Group include the name of the listing broker. Neither the listing company nor Mohr Real Estate Group shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2024. California Regional Multiple Listing Service. All rights reserved.
1912 E 2nd Street
Long Beach, CA
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