2216 Locust Avenue
2216 Locust Avenue, Long Beach, CA 90806
Price Per SF
Price Per Unit
Current Cap Rate
Market Cap Rate
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.
- 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