1232 E. 2nd Street
1232 E. 2nd Street, Long Beach, CA 90802
Sale Price
$6,000,000
Investment Overview
Units
14
Year Built
1950
Price Per SF
$744
Price Per Unit
$428,570
Current Cap Rate
3.95%
Market Cap Rate
4.58%
Current GRM
16.63
Market GRM
14.96
The Offering
1232 E. 2nd Street is a 14-unit turn-key investment asset in prime Alamitos Beach. The property consists of (1) 2BD/1BA unit and (13) 1BD/1BA units. Four units feature private, enclosed courtyards.
All units have been renovated with new countertops, laminate wood and porcelain tile flooring, stainless steel appliances, bathtubs, custom tile surrounds, vanities, ceiling fans, lighting, and window coverings.
New building systems as well as new vinyl low-energy windows have been installed throughout. The remodeled laundry room features copper pipes and new machines. New landscaping includes installation of concrete hardscape and modern fencing, drought tolerant plants with drip irrigation and lighting.
Investment Highlights
- Absolute Turn-key Asset
- New Low-Energy Windows & Building Systems
- All Units Meticulously Renovated – 4 with Private, Enclosed Courtyards
- Complete Exterior & Landscape Renovations
- Additional Income from Onsite Laundry
- Individually Metered with In-Place RUBS Program
- Prime Alamitos Beach Location / 94 Walk Score