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1420 Walnut Avenue

1420 Walnut Avenue,Long Beach, CA 90813

8

Unit

$2,620,000

Price

Property Details

Price Per Unit

$262,000

Price per SF

$326

Current Cap Rate

5.01%

Market Cap Rate

7.20%

Current GRM

13.22

Market GRM

10.08

1420 Walnut Avenue

1420 Walnut Avenue,Long Beach, CA 90813

$2,620,000

Price

Property Details

Price per SF

$326

Price Per Unit

$262,000

Price per SF

$326

Current Cap Rate

5.01%

Market Cap Rate

7.20%

Unit

8

Current GRM

13.22

Market GRM

10.08

Description

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 room and storage space for extra income. The property will be delivered with approved plans to convert the garages into (2) Studio ADUs.

Priced at a 5.01% 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 7.20% cap rate and 10.08x gross.

Highlights

  • Delivered with Approved Plans for Two (2) Studio ADUs
  • Four (4) Units Renovated with Designer Finishes
  • On-Site Laundry & Storage Provide Additional Income Opportunity
  • Multiple Capital Improvements Completed in the Past 5 Years Include New Windows, Updated Electric, New Water Heater in Laundry Room, and New Garage Doors
  • With Construction of the ADUs a New Owner Can Stabilize the Property at a 7.20% Cap Rate and 10.08x Gross.

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