4108 E. Broadway

4108 - 4114 E. Broadway, Long Beach, CA 90803

Sale Price

$2,750,000

Investment Overview

Units

6

Year Built

1923

Current Cap Rate

4.03

Current GRM

16.10

The Offering

4108 E. Broadway is an impeccably renovated six-unit investment property located in Belmont Heights, one of the most popular rental markets in Southern California. The asset is fully stabilized, achieving robust rents for all units.

The property offers four 1 BD / 1 BA units in the front building and two studio units in the rear building. A beautifully landscaped courtyard in between provides lounge space as well as BBQ and dining facilities. The property also offers ample parking with four garages and two surface spaces.

Extensive interior renovations totaling over $50,000 per unit include new windows and doors, hardwood flooring, custom shaker-style cabinets, quartz countertops, in-unit washer/dryers, stainless steel appliances, new bathroom tile and modern lighting, ceiling fans and fixtures throughout. Exterior renovations include extensive repairs, hardscaping, lighting and new gates and fencing.

The Belmont Heights location is desirable for young urban professionals seeking a quiet neighborhood ambiance with accessibility to outdoor activities along with shopping and dining amenities. The property is within minutes to the beach and bike path as well as the popular 2nd Street shopping and dining destination.

The seller’s renovations and management provide a new buyer with a nearly brand new condition property that is 100% occupied. In total, the tenant base has an average income of approximately $113K, well within range of housing affordablility guidelines.

Investment Highlights

  • Fully Stabilized Asset Achieving Robust Rents
  • 100% Occupied with Well-Rated Tenants
  • Extensive Renovations Totaling over $50,000 per Unit
  • Landscaped Outdoor Patio Area with BBQ & Dining Facilities
  • Highly Desirable Belmont Heights Location