1020 E 12th St

8 Unit Apartment Building $1,850,000 ($231,250/Unit) 6.24% Cap Rate Long Beach, CA 90813

INVESTMENT HIGHLIGHTS

  • Current 6.24% cap rate and 11.03 GRM
  • Perfect cash flow opportunity with extremely low maintenance
  • Laundry room on site
  • Fully renovated and stabilized asset with plenty of parking that collects $400/mo.
  • Located near $6 billion worth of new development

EXECUTIVE SUMMARY

1020 E 12th St, Long Beach is the ideal investment opportunity for anyone looking for great cash-flow and low maintenance/renovated - the property is currently operating at 6.24% cap rate and 11.03 GRM. All units are renovated with new floors, cabinets, appliances, fixtures and windows. All units are renting at or near market rents.
The subject property is comprised of (8) 1Bed+1Bath units, 5 of which are rented to Sec. 8/A.F.H. -guaranteed income! 1020 E 12th St has plenty of parking, which collects $400/month in additional income. There is also a laundry room on site that collects income.
Beneficial for the new owner, the property is located just outside the $6 Billion of new development flooding into Downtown Long Beach, including the Long Beach Civic Center, Aquarium, OceanAire Project, CSULB Downtown Village, Broadway Block and Queen Mary Island.

FINANCIAL SUMMARY (ACTUAL - 2024)

ANNUAL ANNUAL PER SF
Gross Rental Income $167,796 $35.55
Other Income - -
Vacancy Loss $5,034 $1.07
Effective Gross Income $162,762 $34.48
Taxes - -
Operating Expenses - -
Total Expenses $47,318 $10.03
Net Operating Income $115,444 $24.46

PROPERTY FACTS

Price $1,850,000
Price Per Unit $231,250
Sale Type Investment
Cap Rate 6.24%
Gross Rent Multiplier 11.03
No. Units 8
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class C
Lot Size 0.16 AC
Building Size 4,720 SF
No. Stories 2
Year Built 1960
Parking Ratio 1.06/1,000 SF
Opportunity Zone Yes

UNIT AMENITIES

  • Air Conditioning
  • Heating
  • Kitchen
  • Range
  • Tub/Shower

SITE AMENITIES

  • Controlled Access
  • Tenant Controlled HVAC
  • Gated
  • Storage Space
  • Smoke Detector

UNIT MIX INFORMATION

DESCRIPTION NO. UNITS AVG. RENT/MO SF
1+1 8 - -
Walk Score®
Walker's Paradise (93)
Bike Score®
Very Bikeable (72)

PROPERTY TAXES

ZONING

Zoning Code LBR4R
  • Listing ID: 34615497

  • Date on Market: 1/27/2025

  • Last Updated:

  • Address: 1020 E 12th St, Long Beach, CA 90813