1044 E. Appleton Street

1044 E. Appleton Street, Long Beach, CA 90802

Sale Price

$4,200,000

Investment Overview

Units

15

Year Built

1923

Price Per SF

$470

Price Per Unit

$280,000

Current Cap Rate

3.67%

Market Cap Rate

5.54%

Current GRM

16.46

Market GRM

12.54

The Offering

1044 Appleton Street is an 15-unit investment asset in prime Alamitos Beach. The property is a classic 1920’s landmark building with six 1 BD/1 BA units and nine Studio units.

Six units have been renovated with new flooring, countertops, hardware, window coverings, ceiling fans and LED light fixtures. Exterior and common area renovations include a remodeled laundry room with new machines and new flooring in hallways and staircases. New landscaping includes installation of drought tolerant plants with drip irrigation and lighting.

The on-site laundry facilities and an art studio space provide additional building income.

Investment Highlights

  • Classic 1920’s Landmark Building
  • 6 Units Renovated – Strong Upside in Renovating Remaining 9 Units
  • Exterior, Common Area & Landscape Renovations
  • Onsite Laundry Facilities & Art Studio Space Provide Additional Income
  • Individually Metered with In-Place RUBS Program
  • Prime Alamitos Beach Location / 94 Walk Score