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1201 Ohio Avenue

1201 Ohio Avenue,Long Beach, CA 90804

7

Unit

$2,000,000

Price

Property Details

Price Per Unit

$285,714

Price per SF

$303

Current Cap Rate

4.12%

Market Cap Rate

6.01%

Current GRM

13.88

Market GRM

10.79

1201 Ohio Avenue

1201 Ohio Avenue,Long Beach, CA 90804

$2,000,000

Price

Property Details

Price per SF

$303

Price Per Unit

$285,714

Price per SF

$303

Current Cap Rate

4.12%

Market Cap Rate

6.01%

Unit

7

Current GRM

13.88

Market GRM

10.79

Description

1201 Ohio Avenue is a 7-unit value-add investment opportunity located in Long Beach, California. Comprised of (7) 2BD/1BA units averaging 730 square feet, there is the opportunity for the asset to be delivered with two units vacant in rent-ready condition.

A new operator can increase income by renting out the four (4) garages or converting them to ADUs. There is also a large unused laundry and storage room on site that can provide additional income.

Located in the dynamic Zaferia neighborhood in Long Beach, 1201 Ohio tenants have access to a mix of vibrant restaurants, art galleries and coffee shops.

1201 Ohio has approximately 29% upside in income potential and offers a new operator the chance to stabilize the building at under 10x Gross and a 7.6% cap rate with the construction of ADUs.

Highlights

  • Seven (7) Large 2BD/1BA Units, Averaging 730 Square Feet
  • Four (4) Garages Offer Opportunity for Additional Income or Conversion to ADUs
  • Storage Space / Laundry Room Provide Potential for Additional Income
  • Possibility for Two (2) Units to be Delivered Vacant

Map

area maps

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