1034 Newport Ave
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1034 Newport Ave
4 Unit Apartment Building $1,675,000 ($418,750/Unit) 4.31% Cap Rate Long Beach, CA 90804
Investment Highlights
- Prime Long Beach location: 91 Walk Score, easy access to shopping, dining and recreational facilities
- Updated Units & Features: Three units recently remodeled with spacious layouts, individual water heaters, and electric-only utilities
- Strong Investment Appeal: Attractive 4.31% CAP rate (actual) and potential for 18% rent upside
- Ample Parking & Amenities: Includes three single-car garages, one two-car garage, onsite laundry and a fully gated, secure property
Executive Summary
4 units in a great LB location with a 91 Walk Score, nearby shopping, dining, Rec Park and more. Attractive unit mix: 1-3BR/2BA (single story), 2-2BR/2BA (2 story townhouses) and 1-2BR/1BA (2 story townhouse). Most units remodeled with new floors, all units are spacious and with well appointed floorplans. All units have a separate water heater and all electric building. Ample parking:(3) single car garages and (1) two car garage. Garages had a brand new roof last year. Onsite laundry facility and the entire property is gated and fully secured.
The property currently grosses approx $113,700 per year and is priced attractively at a real 4.31% CAP (actual) and a 14.73 GRM. At market rents the property is a 12.50 GRM and 5.45% CAP. Approx 18% upside in current rents.
The property currently grosses approx $113,700 per year and is priced attractively at a real 4.31% CAP (actual) and a 14.73 GRM. At market rents the property is a 12.50 GRM and 5.45% CAP. Approx 18% upside in current rents.
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 |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,675,000 | Apartment Style | Garden |
| Price Per Unit | $418,750 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 4.31% | Building Size | 4,170 SF |
| Gross Rent Multiplier | 14.73 | Average Occupancy | 100% |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1972 |
| Property Subtype | Apartment |
| Price | $1,675,000 |
| Price Per Unit | $418,750 |
| Sale Type | Investment |
| Cap Rate | 4.31% |
| Gross Rent Multiplier | 14.73 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 4,170 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1972 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 1 | - | - |
| 2+2 | 2 | - | - |
| 2+1 | 1 | - | - |
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Walk Score ®
Walker's Paradise (91)
PROPERTY TAXES
| Parcel Number | 7258-008-006 | Improvements Assessment | $385,968 |
| Land Assessment | $914,724 | Total Assessment | $1,300,692 |
PROPERTY TAXES
Parcel Number
7258-008-006
Land Assessment
$914,724
Improvements Assessment
$385,968
Total Assessment
$1,300,692
zoning
| Zoning Code | LBR4R |
| LBR4R |
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1034 Newport Ave
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