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