3402 Gundry Ave
This feature is unavailable at the moment.
We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.
Please check back in a few minutes. We apologize for the inconvenience.
- LoopNet Team
thank you
Your email has been sent!
3402 Gundry Ave
10 Unit Apartment Building $2,895,000 ($289,500/Unit) 5.49% Cap Rate Long Beach, CA 90807
Investment Highlights
- Attractive Mix of Spacious One & Two-Bedroom Units
- Gated Access to a Spacious & Charming Common Courtyard | On-Site Laundry Facility Provides an Additional Revenue Stream
- Unit 2, a Two Bed/One Bath Unit, is to be Delivered Vacant at Closing
- First Time Available on Market
- Nine Tuck-Under Parking Spaces with Storage Lockers & a Single-Car Garage with a Tandem Surface Space
- Current & Potential Storage Spaces can be Utilized for Additional Revenue
Executive Summary
The Leeson Group of Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 3402 Gundry Avenue, 10-unit multifamily investment property located in the California Heights neighborhood of Long Beach, CA.
3402 Gundry Avenue offers an attractive mix consisting of 6, one-bedroom units and 4, two-bedroom units. The property offers gated pedestrian access leading to a charming common-area courtyard, nine tuck-under parking with storage lockers, a tandem surface space, an on-site laundry facility, and a spacious storage unit. Additionally, there is an unused open space which could be converted into an additional storage unit, with both storage units providing potential additional revenue streams.
3402 Gundry Avenue is situated in the desirable California Heights neighborhood of Long Beach where residents enjoy convenient access to everyday needs as well as a plethora of cafes, restaurants, and retailers located along Atlantic Avenue. The property is located within 0.50 miles of a Target anchored retail center, providing residents easy access to everyday needs. Additionally, 3402 Gundry Avenue is just over 1.75 miles from Long Beach Exchange, a recently developed outdoor shopping mall with a plethora of retail, dining, and entertainment options. Furthermore, the property is proximate to Long Beach Memorial Medical Center, the third top employer in the city with nearly 5,500 practitioners and staff members according to Long Beach’s 2023 Annual Comprehensive Financial Report. 3402 Gundry benefits from its close proximity to Interstate 405, connecting residents to employment hubs throughout Southern California.
The neighborhoods surrounding the property provide tenants convenient access to a wide variety of activities, employment, transportation, and retail amenities. This overall demand for a well-located and maintained apartment building will be a key driver in the continued growth and success at 3402 Gundry Avenue.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
3402 Gundry Avenue offers an attractive mix consisting of 6, one-bedroom units and 4, two-bedroom units. The property offers gated pedestrian access leading to a charming common-area courtyard, nine tuck-under parking with storage lockers, a tandem surface space, an on-site laundry facility, and a spacious storage unit. Additionally, there is an unused open space which could be converted into an additional storage unit, with both storage units providing potential additional revenue streams.
3402 Gundry Avenue is situated in the desirable California Heights neighborhood of Long Beach where residents enjoy convenient access to everyday needs as well as a plethora of cafes, restaurants, and retailers located along Atlantic Avenue. The property is located within 0.50 miles of a Target anchored retail center, providing residents easy access to everyday needs. Additionally, 3402 Gundry Avenue is just over 1.75 miles from Long Beach Exchange, a recently developed outdoor shopping mall with a plethora of retail, dining, and entertainment options. Furthermore, the property is proximate to Long Beach Memorial Medical Center, the third top employer in the city with nearly 5,500 practitioners and staff members according to Long Beach’s 2023 Annual Comprehensive Financial Report. 3402 Gundry benefits from its close proximity to Interstate 405, connecting residents to employment hubs throughout Southern California.
The neighborhoods surrounding the property provide tenants convenient access to a wide variety of activities, employment, transportation, and retail amenities. This overall demand for a well-located and maintained apartment building will be a key driver in the continued growth and success at 3402 Gundry Avenue.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$252,893
|
$31.05
|
| Other Income |
$1,844
|
$0.23
|
| Vacancy Loss |
$7,587
|
$0.93
|
| Effective Gross Income |
$247,150
|
$30.34
|
| Taxes |
$36,022
|
$4.42
|
| Operating Expenses |
$52,179
|
$6.41
|
| Total Expenses |
$88,201
|
$10.83
|
| Net Operating Income |
$158,949
|
$19.51
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $252,893 |
| Annual Per SF | $31.05 |
| Other Income | |
|---|---|
| Annual | $1,844 |
| Annual Per SF | $0.23 |
| Vacancy Loss | |
|---|---|
| Annual | $7,587 |
| Annual Per SF | $0.93 |
| Effective Gross Income | |
|---|---|
| Annual | $247,150 |
| Annual Per SF | $30.34 |
| Taxes | |
|---|---|
| Annual | $36,022 |
| Annual Per SF | $4.42 |
| Operating Expenses | |
|---|---|
| Annual | $52,179 |
| Annual Per SF | $6.41 |
| Total Expenses | |
|---|---|
| Annual | $88,201 |
| Annual Per SF | $10.83 |
| Net Operating Income | |
|---|---|
| Annual | $158,949 |
| Annual Per SF | $19.51 |
Property Facts Under Contract
| Price | $2,895,000 | Property Subtype | Apartment |
| Price Per Unit | $289,500 | Apartment Style | Low Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 5.49% | Lot Size | 0.28 AC |
| Gross Rent Multiplier | 11.36 | Building Size | 8,146 SF |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1963 |
| Price | $2,895,000 |
| Price Per Unit | $289,500 |
| Sale Type | Investment |
| Cap Rate | 5.49% |
| Gross Rent Multiplier | 11.36 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.28 AC |
| Building Size | 8,146 SF |
| No. Stories | 2 |
| Year Built | 1963 |
Unit Amenities
- Microwave
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- Controlled Access
- Courtyard
- Fenced Lot
- Laundry Facilities
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | - | 700 |
| 2+2 | 4 | - | 975 |
1 of 1
Walk Score ®
Very Walkable (79)
PROPERTY TAXES
| Parcel Number | 7147-016-034 | Total Assessment | $3,150,000 |
| Land Assessment | $1,000,000 | Annual Taxes | $36,022 ($4.42/SF) |
| Improvements Assessment | $2,150,000 | Tax Year | 2024 Payable 2024 |
PROPERTY TAXES
Parcel Number
7147-016-034
Land Assessment
$1,000,000
Improvements Assessment
$2,150,000
Total Assessment
$3,150,000
Annual Taxes
$36,022 ($4.42/SF)
Tax Year
2024 Payable 2024
zoning
| Zoning Code | LBR1N |
| LBR1N |
1 of 18
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
1 of 1
Presented by
3402 Gundry Ave
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.