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1722 Coronado Avenue

1722 Coronado Avenue,Long Beach, CA 90804

17

Unit

$4,400,000

Price

Property Details

Price Per Unit

$258,842

Price per SF

$329

Current Cap Rate

5.11%

Market Cap Rate

7.06%

Current GRM

12.18

Market GRM

9.69

1722 Coronado Avenue

1722 Coronado Avenue,Long Beach, CA 90804

$4,400,000

Price

Property Details

Price per SF

$329

Price Per Unit

$258,842

Price per SF

$329

Current Cap Rate

5.11%

Market Cap Rate

7.06%

Unit

17

Current GRM

12.18

Market GRM

9.69

Description

1722 Coronado Avenue is a 17-unit investment opportunity located in the popular Traffic Circle submarket of Long Beach, priced at 5.11% cap rate and 12.18 GRM at current rents. With 26% upside in rents, this value add asset provides an excellent opportunity for repositioning to achieve a 7.06% cap rate.

The balcony-style property with retro 60’s curb appeal offers sizable units surrounding a courtyard with many possibilities. The building features a strong mix of (10) 2BD / 1BA units; (6) 1BD / 1BA units; and (1) studio unit. Onsite laundry facilities and (12) tuck under parking spaces are available onsite.

Traffic Circle is one of the strongest rental markets in Long Beach because of its convenient location to employment such as the Terminal at Douglas Park and CSU Long Beach. Additionally, located just a mile from the 405-Freeway, residents can access over a million jobs within a 30-minute commute in the the Southbay, Orange County, Silicon Beach and Downtown Los Angeles.

Highlights

  • Priced at 5.11% Cap Rate / 12.18 GRM at Current Rents
  • Excellent Value-Add Opportunity – ±26% Upside in Rents
  • Strong Mix of Sizable 2BD/1BA and 1BD/1BA Units
  • Central Traffic Circle Location with Convenient Access to Employment and Education Hubs and Commuter Thoroughfares

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