2216 Locust Avenue

2216 Locust Avenue, Long Beach, CA 90806

Sale Price

$1,150,000

Investment Overview

Units

5

Year Built

1928

Price Per SF

$279

Price Per Unit

$230,000

Current Cap Rate

4.29

Market Cap Rate

6.32

Current GRM

14.43

Market GRM

10.89

The Offering

Stepp Commercial is pleased to offer 2216 Locust Avenue, a 5-unit multifamily investment in Long Beach, one of the fastest growing markets in Southern California.

The building features a mix of oversized (1) three-bedroom/one bath units and (4) one-bedroom/one bath units. Each unit has its own water heater, and all units are separately metered for gas and electric. Four onsite garages offer the ability for additional income. And the enhancement of common area amenities may provide the opportunity to capture extra upside.

2216 Locust Avenue has the potential to achieve 27% rental upside and is offered at a 6.32% cap rate and 10.89 GRM on proforma rents.

Investment Highlights

  • 6.32% cap rate / 10.89 GRM on proforma rents
  • 27% rental upside potential
  • Opportunity for additional parking income from 4 garages
  • Separate water heaters and meters for gas and electric
  • Oversized units – (1) 3BD/1BA and (4) 1BD/1BA