1505 E. 11th Street

1505 E. 11th Street, Long Beach, CA 90813

Sale Price

$5,500,000

Investment Overview

Units

21

Year Built

1964

Price Per SF

$395

Price Per Unit

$261,905

Current Cap Rate

4.12%

Market Cap Rate

5.26%

Current GRM

14.17

Market GRM

12.01

The Offering

1505 E. 11th Street is a 21-unit investment asset situated on a 10,202 square foot lot in Long Beach, California.

This controlled-access property offers a mix of (10) 2BD / 1.5BA townhouse-style units, (2) 2BD / 1BA units, (6) 1BD / 1BA units and (3) studio units around a central courtyard.
Seven of the units have been remodeled with new flooring, paint, modern fixtures. Kitchen upgrades include granite counters, stainless steel appliances, all new cabinetry and fixtures throughout. Bathroom upgrades include new counters, tile flooring, tubs, toilets and fixtures.

The property provides onsite laundry facilities and parking is available with eight garages and one additional space. The property has copper plumbing throughout and gas and electricity are separately metered.

This asset has been well-maintained and provides a new buyer with over 18% rental upside potential.

Investment Highlights

  • Rare Two-Bedroom Townhouse Apartments (10 Units)
  • Over 18% in Rental Upside with 7 Units Already Upgraded
  • Controlled-Access Building / Central Courtyard
  • 8 Garages Plus Additional Onsite Parking
  • 65% LTV Interest-Only Loan at 3.0%
  • 12.01 GRM with Rents at Market