1025 Locust Ave
8 Unit Apartment Building $1,950,000 ($243,750/Unit) 5.76% Cap Rate Long Beach, CA 90813
Investment Highlights
- Picturesque 1920's Classic!
- Incredible location - opportunity zone! - Close proximity to everything that's wonderful about Downtown Long Beach!
- ADU Potential!
- Beautiful large open floor plans, abundance of natural light, original builtin's, hardwood flooring throughout and much much more!
- Huge value add opportunity!
Executive Summary
Attention ALL Multi-Family Investors! We are proud to offer this once in a lifetime 8-Unit Downtown Trophy Asset approximately 1 mile to the Beach, Pier and everything that's wonderful about Long Beach. NO CITYWIDE RENT CONTROL offers savvy landlords countless flexibility. Ideal Location! Location! Located within city’s fast-growing Opportunity Zone, walking distance to Historic Pine Ave, 4th Street’s Retro-Row, restaurants, bike trails, schools, churches, dog park, grocery store and approximately 200 ft to Metro A line train station. 1025 Locust is a picturesque 1920s building, featuring all the qualities and characteristics of classic 20th century architecture – boasting magnificent woodwork, built-in cabinetry, high ceilings, crown moldings, expansive floor plans with an abundance of natural light and great curb appeal. “Pride of Ownership” is evident. Recent upgrades include remodeled kitchens and bathrooms, refurbished hardwood flooring, new quartz/granite countertops, new wood plank vinyl flooring, 44 new windows installed in 2021, new fixtures, custom two-tone paint and AC window cooling. The units are much larger than many of the nearby apartment units. The oversized 3-room studios include galley style kitchens with counter to ceiling cabinets, walk-in closets and the extremely large 1 bedrooms offer full-size kitchens, walk-in showers, bathtubs and a service porch. Additional investor notables: spacious backyard area and four garages offer great duplex ADU building potential; new statewide density and parking requirements for multi-units near mass transit offers similar development upside as 97-unit 1112 Locust apartment building; improve best use of 5,498 sq. ft building space to double current bedroom count or increase income immediately with fully furnished apartments similar to current AirBnB Apt. #6. Don’t miss this rare opportunity to own a turnkey Cash Cow and a legacy of authentic history while taking full advantage of endless income growth. Seller MOTIVATED!! Brokers/Agents: Debt is assumable, with favorable terms and conditions. Please call listing agent for loan amount and terms:
Financial Summary (Actual - 2024) Click Here to Access |
Annual | Annual Per SF |
---|---|---|
Gross Rental Income | $99,999 | $9.99 |
Other Income | $99,999 | $9.99 |
Vacancy Loss | $99,999 | $9.99 |
Effective Gross Income | $99,999 | $9.99 |
Taxes | $99,999 | $9.99 |
Operating Expenses | $99,999 | $9.99 |
Total Expenses | $99,999 | $9.99 |
Net Operating Income | $99,999 | $9.99 |
Property Facts
Price | $1,950,000 |
Price Per Unit | $243,750 |
Sale Type | Investment |
Cap Rate | 5.76% |
Gross Rent Multiplier | 11.27 |
No. Units | 8 |
Property Type | Multifamily |
Property Subtype | Apartment |
Apartment Style | Low Rise |
Building Class | C |
Lot Size | 0.17 AC |
Building Size | 5,498 SF |
Average Occupancy | 100% |
No. Stories | 2 |
Year Built/Renovated | 1920/2024 |
Parking Ratio | 0.72/1,000 SF |
Unit Mix Information
Description | No. Units | Avg. Rent/Mo | SF |
---|---|---|---|
Studios | 4 | $2,255 | 500 - 650 |
1+1 | 4 | $1,780 | 600 - 750 |
1 of 1
Walk Score®
Walker's Paradise (91)
Transit Score®
Excellent Transit (71)
Bike Score®
Very Bikeable (72)
PROPERTY TAXES
Parcel Number | 7273-006-014 | Total Assessment | $1,372,084 |
Land Assessment | $959,344 | Annual Taxes | ($1) ($0.00/SF) |
Improvements Assessment | $412,740 | Tax Year | 2024 |
zoning
Zoning Code | PD30 (Planned Development) |