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1801-1805 E. Wardlow Road

1801 E. Wardlow Road,Long Beach, CA 90807

44

Unit

$15,000,000

Price

Property Details

Price Per Unit

$333,333

Price per SF

$456

Current Cap Rate

5.19%

Market Cap Rate

5.57%

Current GRM

11.78

Market GRM

11.09

1801-1805 E. Wardlow Road

1801 E. Wardlow Road,Long Beach, CA 90807

$15,000,000

Price

Property Details

Price per SF

$456

Price Per Unit

$333,333

Price per SF

$456

Current Cap Rate

5.19%

Market Cap Rate

5.57%

Unit

44

Current GRM

11.78

Market GRM

11.09

Description

Stepp Commercial is pleased to present the following valuation for the Wardlow Apartments, located at 1801-1805 E. Wardlow Road in the California Heights submarket of Long Beach.
ATTRACTIVE ASSUMABLE LOAN
Wardlow Apartments is offered at 11.78 GRM on current rents – a total return of 7.45%. A new buyer will be able to take advantage of attractive assumable financing at 3.53% until November 2029.

SIZABLE ASSET WITH STRONG AMENITIES
Originally built in 1960 and 1965, and fully renovated in 2017-2018, the Wardlow Apartments is comprised of three buildings, totaling 32,585 square feet on a 33,436-square foot parcel. There are 45 units, with a mix of (31) 1 BD/1 BA, (8) 2 BD/1 BA, (5) 2 BD/2 BA, and (1) 3 BD/2 BA units.
The property also features a common courtyard with gated pool, pool deck, recreation and BBQ facilities. Additional amenities include onsite laundry, a clubhouse, on-site management office, 41 individual garages, a maintenance shop, and storage room.

 

ALL UNITS REMODELED; 100% ELECTRIC BUILDING
All units have been completely remodeled with modern kitchens and bathroomsand designer finishes. The building is 100% electric with 400 AMP main panel and 100 AMP sub panel.
ADU POTENTIAL IN COURTYARD
The property features (10) garages within the enclosed, secured-access courtyard, which could potentially be converted to ADUs, providing a new owner with an additional $8,000 monthly rent,
$96,000 annually.

RARE OPPORTUNITY IN DESIRABLE CALIFORNIA HEIGHTS The Wardlow Apartments is one of only a handful of apartment properties within the California Heights submarket. California Heights is a quaint residential neighborhood with a large collection of historic homes and numerous charming retail businesses. The area is ranked as a top neighborhood to raise a family, with public schools in the area receiving and A grade on Niche.com. Residents take great pride in their neighborhood and work to maintain the area’s charm and historic feel.

 

CLOSE PROXIMITY TO AMENITIES IN BIXBY KNOLLS The property is adjacent to the Bixby Knolls submarket, which is a major draw for potential tenants. Bixby Knolls has developed into a creative and social corridor with trendy new retail shops and eclectic eateries. Nicknamed “Atlantic Avenue Corridor”, the corridor runs from Wardlow Road to Del Amo Boulevard, and offers a number of dynamic new restaurants, breweries and bars, and is considered one of the City’s greatest revitalization success stories.

CONVENIENT ACCESS TO EMPLOYMENT HUBS Wardlow Apartments is located less than two miles from The Terminal and LBX, with 4.1 million square feet of office, industrial, hospitality, and retail facilities. The property is blocks from the Globemaster Corridor Specfic Plan area (former home to Boeing’s C-17 manufacturing plant) which aims to create a “21st century employment district that fosters innovation”.

Highlights

  • Attractive Assumable Financing – 3.53% Until November 2029
  • 11.78 GRM on Current Rents – 7.45% Total Return
  • Rare Opportunity in Desirable California Heights Neighborhood
  • All Units Completely Remodeled with Modern Kitchens and Bathrooms
  • On-Site Amenities include Pool, BBQ Area, Manager’s Office
  • All Electric Building – 400 AMP Panel and 100 AMP Sub Panel*
  • 41 Individual Garages, Some with Potential for ADU Conversion* (See pages 18-19)

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