1420 Walnut Avenue,Long Beach, CA 90813
Year Built
Price
Price Per Unit
Price per SF
Current Cap Rate
Market Cap Rate
Current GRM
Market GRM
1420 Walnut Avenue,Long Beach, CA 90813
Price
Price per SF
Price Per Unit
Price per SF
Current Cap Rate
Market Cap Rate
Year Built
Current GRM
Market GRM
1420 Walnut is an 8-unit value-add investment opportunity in Long Beach, California.
The property is comprised of (2) 3BD/2BA units, (5) 2BD/1BA, and (1) 1BD/1BA units. Four of eight units have been extensively renovated within the last three years with high end furnishings, including stainless steel appliances, new flooring, cabinets and mini-splits. Multiple capital improvements have been completed, including new windows, paint and water heater.
1420 Walnut has four (4) garages, a furnished laundry and storage for extra income. The property will be delivered with approved plans to convert the garages into (2) Studio ADUs.
Priced at a 4.40% cap rate on current rents, 1420 Walnut Avenue has approximately 17% rental upside potential. With construction of the ADUs the new owner can stabilize the property at a 6.75% cap rate and 10.44x gross.