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.