3430-3440 Elm Ave
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3430-3440 Elm Ave
28 Unit Apartment Building $8,750,000 ($312,500/Unit) 3.65% Cap Rate Long Beach, CA 90807
Investment Highlights
- Close Proximity to Downtown Long Beach, Bixby Knolls shopping, Metro Link, and Freeways
- Two Adjacent Buildings with Parking on -site and street.
- VALUE ADDED-RENT UPSIDE!
- Long Beach Airport (LGB) within 5 miles of subject properties.
- 2 bedrooms each with either .5 or .75 additional bath.
Executive Summary
Excellent Opportunity to Purchase Multi-Family Portfolio in High Demand Area! Bixby Knolls submarket! Value-added Sale - RENT UPSIDE!
Two separate parcels - 2 buildings, each with 14 units. GRM 14.87 cap 3.65%, due to the owner keeping rents low. All rents month to month. Two fully remodeled units - VERY LOW VACANCY IF EVER!
Breakdown:
3430 14 units- 2 bedrooms, 1.5 bathrooms Built 1962
3440 14 units- 2 bedrooms, 1.75 bathrooms Built 1964
Parking - tandem as seen in photographs, on the street, and 7 - single-car garages in the rear. New boiler impeccably maintained premises. Manager on site.
Definite Value Added in Rent Upside. Very clean building with lots of desirability due to location and condition.
Two separate parcels - 2 buildings, each with 14 units. GRM 14.87 cap 3.65%, due to the owner keeping rents low. All rents month to month. Two fully remodeled units - VERY LOW VACANCY IF EVER!
Breakdown:
3430 14 units- 2 bedrooms, 1.5 bathrooms Built 1962
3440 14 units- 2 bedrooms, 1.75 bathrooms Built 1964
Parking - tandem as seen in photographs, on the street, and 7 - single-car garages in the rear. New boiler impeccably maintained premises. Manager on site.
Definite Value Added in Rent Upside. Very clean building with lots of desirability due to location and condition.
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Actual - 2023) 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
|
Financial Summary (Actual - 2023) 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 | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $8,750,000 | Apartment Style | Low Rise |
| Price Per Unit | $312,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.30 AC |
| Cap Rate | 3.65% | Building Size | 27,312 SF |
| Sale Conditions | Bulk/Portfolio Sale | Average Occupancy | 100% |
| Gross Rent Multiplier | 14.87 | No. Stories | 2 |
| No. Units | 28 | Year Built | 1962 |
| Property Type | Multifamily | Parking Ratio | 0.51/1,000 SF |
| Property Subtype | Apartment |
| Price | $8,750,000 |
| Price Per Unit | $312,500 |
| Sale Type | Investment |
| Cap Rate | 3.65% |
| Sale Conditions | Bulk/Portfolio Sale |
| Gross Rent Multiplier | 14.87 |
| No. Units | 28 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.30 AC |
| Building Size | 27,312 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1962 |
| Parking Ratio | 0.51/1,000 SF |
Unit Amenities
- Heating
- Kitchen
- Range
Site Amenities
- Courtyard
- Fenced Lot
- Laundry Facilities
- Pool
- Property Manager on Site
- Conference Rooms
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 14 | $1,966 | 900 |
| 2+2 | 14 | $2,327 | 950 |
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Walk Score ®
Very Walkable (85)
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $10,710,000 (2024) | |
| Land Assessment | $3,927,000 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $6,783,000 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$3,927,000 (2024)
Improvements Assessment
$6,783,000 (2024)
Total Assessment
$10,710,000 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
zoning
| Zoning Code | R4, Long Beach (Residential) |
| R4, Long Beach (Residential) |
-
Maty Guiza-Leimert -
Realty ONE Group West
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3430-3440 Elm Ave
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