30 W. 49th Street

30 W. 49th Street, Long Beach, CA 90805

Sale Price

$3,700,000

Investment Overview

Units

12

Year Built

1963

Price Per SF

$426

Price Per Unit

$308,333

Current Cap Rate

4.80%

Market Cap Rate

5.40%

Current GRM

13.66

Market GRM

12.54

The Offering

30 W. 49th Street is a 12-unit property located in North Bixby Knolls. The controlled-access building features mostly two-bedroom units (11 of the 12) and a parking ratio of one space per unit. On-site laundry facilities and an in-place RUBS program provide current income. New windows have been installed throughout the building.

The property is situated in a quiet, residential neighborhood, conveniently accessible to the metro line running along Long Beach Boulevard to Downtown, as well as major commuter thoroughfares. The combination of urban amenities and suburban lifestyle has attracted developers such as City Ventures, which is pre-selling solar-powered townhomes in the low $600Ks across the street.

This property provides a light value-add opportunity to achieve approximately 10% rental upside potential by simply installing vinyl plank flooring and modern fixtures.

Investment Highlights

  • Attractive Unit Mix of Mostly Two-Bedroom Units
  • 1:1 Parking Ratio – 12 Spaces Total
  • Additional Income from On-Site Laundry
  • Individually Metered with In-Place RUBS Program
  • New Windows Throughout the Property
  • Light Value-Add Opportunity with ±10% Upside
  • 4.80% Cap Rate on Actuals
  • Bixby Knolls-Adjacent Location; Walking Distance to Scherer Park