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