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527 W. 3rd Street

527 W 3rd Street,Long Beach, CA 90802

36

Unit

$8,700,000

Price

Property Details

Price Per Unit

$241,667

Price per SF

$436

Current Cap Rate

4.75%

Market Cap Rate

5.80%

Current GRM

12.89

Market GRM

11.25

527 W. 3rd Street

527 W 3rd Street,Long Beach, CA 90802

$8,700,000

Price

Property Details

Price per SF

$436

Price Per Unit

$241,667

Price per SF

$436

Current Cap Rate

4.75%

Market Cap Rate

5.80%

Unit

36

Current GRM

12.89

Market GRM

11.25

Description

527 W. 3rd Street is a 36-unit apartment asset in prime Downtown Long Beach.

The property features a mix of four (4) 1BD / 1 BA, (27) studios, and five (5) micro studios. Many of the units have been renovated with designer fixtures and finishes, including new countertops, cabinetry, tile and flooring in the kitchens and bathrooms, stainless steel appliances and lighting. The secured access building offers a bright, spacious entryway, new carpet and paint in hallways, and on-site laundry facilities.

With its prime West Gateway location, the property provides convenient access to the newly redesigned Lincoln Park, an integral part of the 22-acre, $520 million Civic Center redevelopment project. The Long Beach Civic Center Master Plan includes a 270,000-square-foot City Hall, 93,500-square-foot landmark Main Library, updated bike/bus/Metro Blue Line transit system, design guidelines for 800 residential units, and vibrant amenities across the revitalized Downtown area.

527 W. 3rd Street presents a new buyer with a beautifully renovated asset in a highly desirable Long Beach location at 13.19 GRM on actual rents.

Highlights

  • Offered at 12.89 x Gross at Current Rents
  • Prime Downtown Long Beach Location
  • Most Units Have Been Renovated with Designer Kitchens and Bathrooms
  • Electrical Systems Have Been Significantly Upgraded
  • Secured Access Building with On-Site Laundry Room
  • Just Steps Away from Metro Transportation Line

Map

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