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$ 4,800,000
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Active
1912 E 2nd Street Long Beach, CA 90802
9,662 SqFt
UPDATED:
12/25/2024 12:39 AM
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 9,662 sqft
Price per Sqft $496
MLS Listing ID CRPW24131544
HOA Y/N No
Year Built 1923
Lot Size 8,274 Sqft
Acres 0.19
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.
Location
State CA
County Los Angeles
Area Listing
Zoning LBR4
Interior
Fireplace No
Laundry Other
Building
Lot Description Other
Sewer Public Sewer
Water Public
New Construction No
Others
Tax ID 7265020010
© 2024 BEAR, CCAR, bridgeMLS. This information is deemed reliable but not verified or guaranteed. This information is being provided by the Bay East MLS or Contra Costa MLS or bridgeMLS. The listings presented here may or may not be listed by the Broker/Agent operating this website.
Listed by Shane Young • Younglewin Advisors, Inc.