2104 E. Florida Street

2104 E. Florida Street, Long Beach, CA 90814

Sale Price

$4,250,000

Investment Overview

Units

11

Year Built

1948

Price Per Unit

$386,364

Current Cap Rate

4.45

Market Cap Rate

4.59

Current GRM

14.73

Market GRM

14.40

The Offering

2104 E. Florida Street is an impeccably renovated eleven-unit investment property located in the highly desirable Fourth Street / Retro Row neighborhood of Long Beach. The 1940’s built property offers ten 1 BD / 1 BA units and one studio unit with ample storage and four garages.

Extensive interior renovations totaling over $50,000 per unit include new laminate flooring, custom shaker-style cabinets, quartz countertops, in-unit washer/dryers (all but two units), stainless steel appliances, designer bathroom tile, pedestal sinks, and modern lighting, ceiling fans and fixtures throughout.

New exterior and building system renovations include HVAC and tankless water heaters for all units, new electrical and plumbing systems and new garage doors.

The Fourth Street / Retro Row location is desirable for young urban professionals seeking close proximity to employment opportunities in Downtown Long Beach, along with a plethora of shopping and dining amenities.

2104 E. Florida Street provide an investor with a turnkey condition property in a highly popular Long Beach rental market at a 4.53% cap rate on current rents.

Investment Highlights

  • $600K in capital expenditure – turnkey condition building
  • All units renovated with high-end designer finishes totaling over $50K per unit
  • New electrical and plumbing systems
  • HVAC and tankless water heaters for all units
  • Individually metered for electricity and gas
  • Highly desirable Fourth Street/Retro Row location