445-455 Rose Avenue

445-455 Rose Avenue, Long Beach, CA 90802

Sale Price

$6,400,000

Investment Overview

Units

16

Year Built

1963

Price Per SF

$470

Price Per Unit

$400,000

Current Cap Rate

4.20%

Market Cap Rate

4.67%

Current GRM

15.02

Market GRM

13.93

The Offering

445-455 Rose Avenue is a beautifully-renovated, 16-unit investment asset in the highly popular 4th Street / Retro Row neighborhood. The property consists of two buildings with mid-century architectural lines, surrounding a landscaped central courtyard on an approximately 13,000-square-foot lot.

 

The property offers an ideal mix of (4) three-bedroom / 2 bath, (8) two-bedroom / two-bath, and (4) one-bedroom / one-bath apartment homes. All units are bright and sizable, with open floor plans.  Fourteen of the units are completely remodeled to a high standard, with wood laminate flooring, custom cabinetry, quartz countertops, stainless steel appliances, and designer lighting and fixtures throughout for clean, modern interiors that appeal to a young urban professional demographic.

 

The property features a stunning central courtyard with gas-plumbed BBQ and built-in seating. The distinct mature shade tree coupled with young olive trees, aloe plants, and succulents give the courtyard a high-end residential backyard atmosphere.  Ample parking is available in this typically underparked area – (8) garages and tandem spaces and (4) additional spaces.

 

From its mid-century detailing to its high-end residential ambiance, 445-455 Rose Avenue has been carefully crafted to create a highly appealing and marketable rental asset in one of the most sought-after neighborhoods in Long Beach. 445-455 Rose Avenue provides an investor with an opportunity to own a very attractive asset with remaining upside potential on renovated and non-renovated units.

Investment Highlights

  • Highly sought-after 4th Street / Retro Row neighborhood
  • Bright, sizable apartment homes with open floor plans
  • Ideal mix of (4) three-bedroom, (8) two-bedroom, and (4) one-bedroom units
  • 14 units meticulously remodeled with high-end finishes
  • Beautifully landscaped central courtyard with a high-end residential feel
  • (8) garages + tandem spaces plus (4) additional space available
  • Walk Score of 93, just steps from 4th Street / Retro Row shopping, dining and nightlife
  • Attractive interest-only financing at 3.10% interest rate