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1420 Walnut Avenue

1420 Walnut Avenue,Long Beach, CA 90813

1963

Year Built

$2,650,000

Price

Property Details

Price Per Unit

$331,249

Price per SF

$331,249

Current Cap Rate

4.40%

Market Cap Rate

6.75%

Current GRM

14.23

Market GRM

10.44

1420 Walnut Avenue

1420 Walnut Avenue,Long Beach, CA 90813

$2,650,000

Price

Property Details

Price per SF

$331,249

Price Per Unit

$331,249

Price per SF

$331,249

Current Cap Rate

4.40%

Market Cap Rate

6.75%

Year Built

1963

Current GRM

14.23

Market GRM

10.44

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 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.

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

Map

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