1020 E 12th St
8 Unit Apartment Building $1,850,000 ($231,250/Unit) 6.24% Cap Rate Long Beach, CA 90813
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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.
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
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$35.55
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Other Income |
-
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-
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Vacancy Loss |
$5,034
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$1.07
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Effective Gross Income |
$162,762
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$34.48
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Taxes |
-
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-
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Operating Expenses |
-
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-
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Total Expenses |
$47,318
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$10.03
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Net Operating Income |
$115,444
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$24.46
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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 | - | - |
1 of 1
Walk Score®
Walker's Paradise (93)
Bike Score®
Very Bikeable (72)
PROPERTY TAXES
Parcel Number | 7274-007-003 | Improvements Assessment | $466,931 |
Land Assessment | $859,578 | Total Assessment | $1,326,509 |
ZONING
Zoning Code | LBR4R |