1009 E. 2nd Street

1009 E. 2nd Street, Long Beach, CA 90802

Sale Price

$3,600,000

Investment Overview

Units

8

Year Built

1987

Price Per SF

$488

Price Per Unit

$450,000

Current Cap Rate

3.85%

Market Cap Rate

5.09%

Current GRM

16.60

Market GRM

13.69

The Offering

1009 E. 2nd Street is an 8-unit investment asset in prime Alamitos Beach. The property is comprised of five 1 BD/1 BA units; two 2BD/2 BA units; and one 2 BD/2.5 BA unit.

All apartments are bright and sizable; five have been meticulously renovated with modern fixtures and finishes, including new countertops, laminate wood flooring, stainless steel appliances, bathtubs and vanities, ceiling fans, lighting, and window coverings.

Exterior and common area renovations include a remodeled laundry room with new machines, modern fencing, paint and hardware, as well as drought-tolerant landscaping, drip irrigation and lighting.

Eight parking spaces, onsite laundry facilities and six storage units provide additional income.

Investment Highlights

  • 5 Units Meticulously Remodeled with Modern Fixtures & Finishes
  • Complete Exterior & Landscape Renovations
  • 8 Parking Spaces; 6 Storage Spaces & Onsite Laundry Providing Income
  • Individually Metered with In-Place RUBS Program
  • Prime Alamitos Beach Location / 94 Walk Score