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1206 Gladys Avenue

1206 Gladys Avenue,Long Beach, CA 90804

8

Unit

$2,700,000

Price

Property Details

Price Per Unit

$337,500

Price per SF

$352

Current Cap Rate

4.50%

Market Cap Rate

5.59%

Current GRM

13.68

Market GRM

11.74

1206 Gladys Avenue

1206 Gladys Avenue,Long Beach, CA 90804

$2,700,000

Price

Property Details

Price per SF

$352

Price Per Unit

$337,500

Price per SF

$352

Current Cap Rate

4.50%

Market Cap Rate

5.59%

Unit

8

Current GRM

13.68

Market GRM

11.74

Description

1206 Gladys Avenue is an eight-unit, value-add apartment asset located in Long Beach.

Built in 1986, the property features desirable 1980’s construction. All eight apartments are sizable 2 BD / 2 BA units. Two of the units have been upgraded with luxury finishings, including in-unit washers and dryers, new cabinets and countertops, AC, minisplits, and tankless water heaters.

The onsite laundry room and 14 parking spaces provide the opportunity for additional income.

1206 Gladys Avenue provides a new buyer with an attractive value add opportunity with approximately 20% upside to market rent.

Highlights

  • Desirable 1980’s Construction
  • All Sizable 2 BD / 2 BA Units
  • Two Units Upgraded with Luxury Finishes – New Cabinets and Countertops In Unit W/D, Minisplits and AC units
  • 14 Parking Spaces Available in a Secured Garage
  • Potential to Increase Revenue from Parking
  • Value Add Opportunity with +/-20% Rental Upside Potential

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