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1050 Gaviota Avenue

1050 Gaviota Avenue,Long Beach, CA 90813

14

Unit

$4,675,000

Price

Property Details

Price Per Unit

$333,929

Price per SF

$362

Current Cap Rate

5.62%

Market Cap Rate

6.67%

Current GRM

11.99

Market GRM

10.56

1050 Gaviota Avenue

1050 Gaviota Avenue,Long Beach, CA 90813

$4,675,000

Price

Property Details

Price per SF

$362

Price Per Unit

$333,929

Price per SF

$362

Current Cap Rate

5.62%

Market Cap Rate

6.67%

Unit

14

Current GRM

11.99

Market GRM

10.56

Description

1050 Gaviota Avenue is a 14-unit asset, located in the in Long Beach, California.
Built in 1963, the property is comprised of (1) 4BD/1BA, (3) 3BD/1BA + Den,
(4) 3BD/1BA, (4) 2BD/1BA, and (2) 1BD/1BA units. Spread across a 12,474-square foot lot, the property has eight (8) garages and a laundry room on site providing additional income. The garages also offer the opportunity for ADU conversion.
Priced at a 5.62% cap rate & 11.99 GRM, on actual rents, new ownership can stabilize the asset at a 6.67% cap rate and 10.56 GRM, by bringing current rents to market value.

Highlights

  • Priced at a 5.62% Cap Rate / 11.99 GRM with Upside to 6.67% Cap Rate / 10.56 GRM
  • Eight (8) garages and a laundry room provide opportunities for additional income
  • Garages also offer the opportunity for ADU conversion

Map

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