1148 Stanley Avenue

1148 Stanley Avenue,Long Beach, CA 90804

8

Unit

$2,500,000

Price

Property Details

Price Per Unit

$312,500

Price per SF

$
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Current Cap Rate

4.33

Market Cap Rate

5.27

Current GRM

14.22

Market GRM

12.39

1148 Stanley Avenue

1148 Stanley Avenue,Long Beach, CA 90804

$2,500,000

Price

Property Details

Price per SF

$

Price Per Unit

$312,500

Price per SF

$

Current Cap Rate

4.33

Market Cap Rate

5.27

Unit

8

Current GRM

14.22

Market GRM

12.39

Description

1148 Stanley is an 8-unit property built in 1986, featuring all spacious two-bedroom / two-bath units with large private balconies.

Extensive building renovations include a modern new wood entry treatment, new landscaping with automatic drip irrigation and low voltage lighting. The secured garage offers ample parking and new high-intensity LED lighting.

Seven of the eight units have undergone compelete remodels which include new flooring, lighting, interior doors and hardware, brand new kitchens and bathrooms and modern fixtures throughout.

Immediate increased income opportunities may be realized through RUBS and parking (only two tenants currently paying for parking). Pending City approval, enclosed garages and/or an Additional Dwelling Unit (ADU) may provide further additional income in the longer term.

Located in the popular Eastside neighborhood, just a 10-minute drive to Downtown Long Beach, the building has a Walk Score of 91, making it extremely desirable for renters.

This asset will provide the new owner with 14% potential upside in revenue, including increased income through the newly-instituted RUBS program.

Highlights

  • 14% Revenue Upside Potential
  • Additional Income Opportunities with RUBS and Parking
  • All 2BD / 2 BA Units with Private Balconies; Upstairs Units Feature Vaulted Ceilings
  • 7 of 8 Units Fully Renovated
  • Significant Building Upgrades
  • Potential to Build Additional Dwelling Unit (ADU)1
  • Potential for Additional Parking Income2
  • Desirable Eastside Location

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