2238 Earl Avenue

2238 Earl Avenue, Long Beach, CA 90806

Sale Price

$1,250,000

Investment Overview

Units

4

Year Built

1938

Price Per SF

$333

Price Per Unit

$312,500

Current Cap Rate

3.95%

Market Cap Rate

5.11%

Current GRM

15.79

Market GRM

13.19

The Offering

2238 Earl Avenue is a 4-unit investment asset in the up-and-coming South East Wrigley neighborhood, just north of Downtown Long Beach.

The units are bright and spacious featuring two 2 BD/ 1 BA units and two 1 BD/1 BA units with separate entrances, totaling 3,758 square feet of building area. One two bed unit has been completely gutted and renovated. The remaining three units having brand new bathrooms, vinyl flooring, paint and ceiling fans.

The property sits on a large lot at 5,845 square feet with beautifully landscaped front and backyards. Four detached garages sit off the back alley that have the potential to be converted to ADUs. The roof has been recently repaired on the main building and is in great condition while the garages feature all new doors.

2238 Earl Ave provides a new buyer the opportunity to own large units in a high demand rental market and 19.75% gross rent upside potential with the existing units.

Investment Highlights

  • Attractive Building with Curb Appeal in a High-Demand Rental Market
  • Large, Bright Units with Separate Entrances
  • Strong Unit Mix of (2) 2 BD/1 BA and (2) 1 BD/1 BA
  • One Completely Renovated Unit; Three Units Partially Renovated
  • Four Garages Provide Potential for Additional Parking Income or Possible ADU Conversion
  • ±20% Upside Potential