325 W. 10th Street

325 W. 10th Street, Long Beach, CA 90813

Sale Price

$2,425,000

Investment Overview

Units

9

Year Built

1916

Price Per SF

$374

Price Per Unit

$269,444

Current Cap Rate

4.73%

Market Cap Rate

5.05%

Current GRM

12.19

Market GRM

11.69

The Offering

325 W. 10th Street is a 9-unit investment asset in the up-and-coming Willmore City Historic District, just north of Downtown Long Beach.

The property offers (8) one-bedroom/one-bath apartments, with laminate wood or vinyl plank flooring, and a remodeled two-bedroom/one-bath house in the rear. The house is master leased with sub-lease tenants providing exceptional income.

A laundry room with machines owned by the building provides existing income, as do the two garages, and three parking spaces. Both laundry and parking income have the potential to be increased.

This property is in very close proximity to all of the exciting amenities and employment opportunities in Downtown Long Beach. The location is popular for commuters because it provides easy access to the 710 and 405 freeways as well as the Metro Blue Line which runs between Downtown Long Beach and Downtown Los Angeles, with 22 stops along the way.

 

325 W. 10th Street offers an investor the opportunity to own a solid asset in an up-and-coming area adjacent to booming Downtown Long Beach.

Investment Highlights

  • 12.19 GRM on Actual Rents
  • Up & Coming Willmore City Historic District Location
  • Close Proximity to Downtown Long Beach
  • Laundry Provides Additional Income – Machines Owned
  • Garages and Parking Spaces Provide Additional Income
  • Laminate Wood / Vinyl Plank Floors