1036-1040 Dawson Avenue

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Sale Price

$3,850,000

Investment Overview

Units

14

Year Built

196061

Price Per Unit

$275,000

Current Cap Rate

4.27%

Market Cap Rate

5.50%

Current GRM

15.00

Market GRM

12.46

The Offering

1036-40 Dawson Avenue is a 14-unit apartment building in highly desirable Eastside Long Beach. The property features a desirable mix of one and two bedroom units and ample parking with eight garages and eight tandem spaces.  The asset is separately metered for gas and electric.

Immediate rental upside is available by bringing Section 8 tenants up to the maximum allowable rents as determined by the Long Beach Housing Department.  There is approximately ± 20% rental upside potential and the ability to achieve extra upside by renting out the remaining garage/spaces for additional income.

Investment Highlights

  • Desirable mix of one and two-bedroom units
  • Immediate rental upside by bringing Section 8 tenants to the maximum allowable rents determined by the Long Beach Housing Department
  • Approximately +/-20% rental upside
  • Ability to achieve extra upside with garage space income