We are 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 11.6 GRM, and a 5.40% cap rate with 20% upside in NOI. The current loan is assumable at an interest rate of 3.67% and 64% LTV.
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.