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5729 California Avenue

5729 California Avenue,Long Beach, CA 90805

7

Unit

$1,475,000

Price

Property Details

Price Per Unit

$210,714

Price per SF

$494

Current Cap Rate

5.18%

Market Cap Rate

6.17%

Current GRM

11.96

Market GRM

10.60

5729 California Avenue

5729 California Avenue,Long Beach, CA 90805

$1,475,000

Price

Property Details

Price per SF

$494

Price Per Unit

$210,714

Price per SF

$494

Current Cap Rate

5.18%

Market Cap Rate

6.17%

Unit

7

Current GRM

11.96

Market GRM

10.60

Description

5729 California Avenue is a seven-unit property located in North Long Beach. The property is comprised of six (6) studio units and a detached, remodeled 2BD/1BA house. The house was completely renovated as of 2022.
The property is priced at 11.96 x gross and 5.18 cap rate on current rents. A new owner has the opportunity to increase rents and achieve 10.60 x gross and 6.17% cap rate.
Additional income generating opportunities for a new owner include renting out storage spaces and surface parking spots on the property.
Each building has its own electric meter, and a new owner could implement RUBS to further bring down operating expenditures.

Highlights

  • Front house remodeled in 2022
  • Opportunities for additional income through parking & storage
  • Priced at 11.96 x gross and 5.18% cap rate on current rents
  • Upside in rents allows the building to be stabilized at 10.60 GRM and 6.17% cap rate

Map

measure area map

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