366 Walnut Avenue

366 Walnut Avenue, Long Beach, CA 90802

Sale Price

$3,550,000

Investment Overview

Units

11

Year Built

1923

Price Per SF

$594

Price Per Unit

$322,727

Current Cap Rate

4.16%

Market Cap Rate

4.79%

Current GRM

15.70

Market GRM

14.18

The Offering

366 Walnut Avenue is an 11-unit investment asset well-located in Prime Alamitos Beach, just one block from 4th Street/Retro Row.

The property is comprised of all bungalow-style units with a mix of ten 1 BD/1 BA units and one 2BD/1 BA unit.  All the units have been renovated with modern fixtures and finishes, including new countertops, laminate wood flooring, stainless steel appliances, bathtubs and vanities, ceiling fans and lighting.

New windows have been installed throughout the property. On site laundry is available, contributing current income, and additional income can be obtained by implementing a RUBS program. The property features a detached single car garage with provides the opportunity to be converted into a studio ADU with potential monthly income of $1,700.

With a Walk Score of 94 and a Bike Score of 93, the property offers convenient access to the beach, 4th Street/Retro Row, East Village Arts District and DTLA.

Investment Highlights

  • 11 Bungalow-Style Units in Prime Alamitos Beach
  • All Units Renovated with Modern Fixtures & Finishes
  • New Windows Throughout Building
  • Potential to Convert Existing Detached Garage into an ADU
  • One Block to 4th Street / Retro Row – 94 Walk Score/93 Bike Score