Description

1066 Coronado Avenue Long Beach, CA 90804

Price: $2,600,000
Units: 8
Year Built: 1986
Size: 7,208 SF
Current Cap Rate: 5.40%
Market Cap Rate: 6.29%
Current GRM: 12.83
Market GRM: 11.40
Price per SF: $361

1066 Coronado Avenue is a highly sought-after 1980’s property in the popular Eastside submarket of Long Beach. The building features eight bright, sizable two-bedroom units. All units offer private balconies, two full bathrooms, washer/dryer in-unit, refrigerator, gas range and dishwasher.

The building is secured with locked entrances and security cameras. Additionally, with 14 parking spaces in the gated garage, there is potential to increase income by renting extra spaces.

The meticulously maintained property features a nearly new roof in excellent condition. Tenants pay for their own gas and electric, keeping the building’s utility expenses low.

This investment asset offers an investor an attractive, well-kept property in a desirable, low-vacancy residential neighborhood with over 12% rental upside potential.