Commercial%252520RE_edited_edited_edited

2190 Locust Ave, Long Beach

For Sale

10 UNITS

$2,175,000

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PROPERTY LOCATION

2190 Locust Ave, Long Beach, CA 90806, USA

PROPERTY DETAILS

Property Type

Multifamily

Units

Price/Unit

10

$217,500

Price/Sqft

$312.19

Building Sqft

6967

Lot Sqft

Current Cap Rate

7419

4.40%

Current GRM

14.07

Year Built

1963

Zoning

Market Cap Rate

LBPD29

6.43%

Market GRM

11.21

CONTACT

LISTING TEAM

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Nico Rosmarin

424.226.9449

DRE 02023847

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INVESTMENT DESCRIPTION

Nico Rosmarin of Lyon Stahl Investment Real Estate is pleased to present 2190 Locust Avenue, a 10 unit multifamily investment property located in Wrigley, a desirable pocket of Northeast Long Beach.

The offering is comprised of nine (9) 1-bedroom / 1-bathroom units and one (1) 2-bedroom / 1-bathroom unit with a total living area of 6,976 SF situated on a large 7,419 SF corner lot. Washer and Dryer on-site as well as a shed for extra storage.

The property features several upgrades including a brand-new roof, updated laminate flooring, new paint, and appliances in most units. One unit is currently vacant and undergoing a full remodel. Seismic retrofitting was just completed in January 2020. All but one of the garage doors are brand new as of September 2019. The location is optimal with Shoreline Village, Mother's Market & Kitchen, Long Beach City College, Long Beach Airport, St. Mary’s Hospital, Long Beach Memorial, and many other attractions just a short distance away.

FIRST TIME ON THE MARKET IN 15 YEARS, the current owner has kept this property in good condition, with consistent upkeep, repairs, and remodels.

With great in-place income and significant rental upside, this is an excellent opportunity for an owner-user and investor alike to acquire an investment property in one of the most rapidly developing cities in Los Angeles.