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$ 2,300,000
Est. payment | /mo
4 Beds
3 Baths
6,735 Sqft Lot
$ 2,300,000
Est. payment | /mo
4 Beds
3 Baths
6,735 Sqft Lot
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
Subdivision Wrigley Area (Wr)
MLS Listing ID SB26144665
Bedrooms 4
Lot Size 6,735 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
1950 Pacific Ave presents a rare VALUE ADD Opportunity to acquire an 11-unit multifamily asset in Long Beach with strong in-place cash flow and two newly constructed ADUs already completed. The property features a desirable unit mix consisting of 1-bedroom and 2-bedroom units, including the two new ADUs, giving investors a clean combination of existing income, newer added rental units, and continued upside in rents. Built in 1962, the property totals approximately 6,733 square feet of building area on an approximately 8,591 square foot lot. Current scheduled rents total approximately $19,559 per month, or $234,712 annually, with market rents projected at approximately $21,940 per month before additional garage income, bringing total annualized market income to approximately $270,480. At the asking price of $2,300,000, the property is priced at approximately $209K per unit and $267 per net rentable square foot. The asset currently operates at a 9.80 GRM and 7.03% cap rate, with the ability to move toward an 8.50 GRM and 8.54% cap rate at market rents. The offering provides investors with strong current income, two newly built ADUs, and a clear path for additional rent growth in a central Long Beach location. With multiple units still below market and the ADU income already in place, 1950 Pacific Ave offers a compelling value-add opportunity with both immediate cash flow and long-term upside.
Location
State CA
County Los Angeles
Zoning Assessor
Direction From the 710 Fwy, exit Pacific Coast Hwy and head east. Turn left on Pacific Ave. Property is located on the right side near 20t
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 7209020010
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Listed by Cameron Samimi, DRE#02035763 Lyon Stahl Investment Real Estate, Inc.
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