2190 Locust Ave, Long Beach
For Sale
10 UNITS
$2,175,000
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
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.