1425 Ocean Avenue

1425 E Ocean Avenue, Long Beach, CA 90802

Sale Price

$5,500,000

Investment Overview

Units

15

Year Built

1951

Price Per SF

$527

Price Per Unit

$366,667

Current Cap Rate

6.00%

Market Cap Rate

6.72%

Current GRM

11.86

Market GRM

10.86

The Offering

1425 Ocean Boulevard is a 15-unit investment asset located just one block from the sand in prime Alamitos Beach. The property features (14) 1BD / 1BA units. Two of the larger units are located on the second floor and offer ocean views. Five garages on the premises provide the opportunity for additional income.

 

13 UNITS DELIVERED VACANT
Thirteen units will be delivered vacant, presenting a rare opportunity for a high-end property renovation and the ability to capture maximum rents in an A+ beachside location.

 

POTENTIAL ADDITION OF 500 SF ADU The existing laundry room on the second floor can be converted to a 500 square foot ADU with ocean views and outdoor patios on either side, and the potential for an additional $30,000 in rental income annually.

 

ONE BLOCK FROM THE BEACH
1425 Ocean Boulevard is located in prime Alamitos Beach, one of the most desirable neighborhoods in Long Beach. Ideally positioned between Belmont Shore and Downtown Long Beach, the property is just one block to the ocean, and in close proximity to the bike path, Bixby Park, and 4th Street / Retro Row.

 

1425 Ocean Boulevard provides an investor with a highly desirable and rare opportunity to purchase a beachside apartment asset that is 93% vacant, and achieve a strong post-renovation fully-stabilized cap rate.

Investment Highlights

  • A+ Alamitos Beach Location One Block to the Ocean / Beach
  • 13 Units Delivered Vacant, including Two Ocean View Units
  • Potential to Convert Existing Laundry Room into ADU with Ocean View
  • 5 Garages in Typically Underparked Neighborhood
  • High-End Renovation Opportunity
  • Strong Post Renovation Fully-Stabilized Cap Rate