7
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$1,945,000
Est. payment /mo
3 Beds
6,053 Sqft Lot
Pending
1700 Pacific Avenue Long Beach, CA 90813
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Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Pending
Purchase Type For Sale
Subdivision Poly High (Ph)
MLS Listing ID PW25182296
Bedrooms 3
Lot Size 6,053 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
We are pleased to present a 10 unit investment opportunity located at 1700 Pacific Ave in Long Beach. All major systems have been redone, including new electric (main and sub panels), ABS plumbing systems, new vinyl windows, and the roof is in great condition as well. At a current 6.01% Cap Rate, and 10.41 GRM with upside to a 7.71% Cap Rate and 8.82 GRM, this is priced attractively & below the area average. In addition to all of the major improvements to the property, the tenants benefit from a rear roof deck, onsite laundry room (hookups with no machines), as well as onsite parking. There is ample retail and dining options nearby, and being located just off Pacific Coast Hwy, the central location allows for easy commute to downtown, the beach, and easy access to 710/405 Freeways. The property is also steps away from numerous new construction apartment buildings, retail centers, the $176 million reconstruction of Washington Middle Schools five-acre campus & the $450 million Poly High School campus renovation. In addition to the 29% upside in Net Operating Income, there is even more opportunity with the potential to convert the existing garage and rear parking area + roof deck into ADUs. One can reasonably get an additional 4+ units onsite for additional income and equity growth.
Location
State CA
County Los Angeles
Zoning Assessor
Direction South of PCH inbetween LB Blvd & Magnolia Ave
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 7269009013
Listed by Shane Young Younglewin Advisors, Inc.
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