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722 Maine Avenue

722 Maine Avenue,Long Beach, CA 90815

8

Unit

$2,100,000

Price

Property Details

Price Per Unit

$262,500

Price per SF

$390

Current Cap Rate

6.22%

Market Cap Rate

7.03%

Current GRM

11.04

Market GRM

10.07

722 Maine Avenue

722 Maine Avenue,Long Beach, CA 90815

$2,100,000

Price

Property Details

Price per SF

$390

Price Per Unit

$262,500

Price per SF

$390

Current Cap Rate

6.22%

Market Cap Rate

7.03%

Unit

8

Current GRM

11.04

Market GRM

10.07

Description

722-726 Maine Avenue, located in Long Beach, California, is an 8-unit multifamily asset priced at a 6.22% cap rate and 11.04 GRM, with potential to reach a 7.03% cap rate and 10.07 GRM at market rents.

The property features a desirable mix of (4) 1BD /1BA units, (2) 2BD/1BA units, (1) 3BD /2BA unit, and a 2BD /1.5BA + den house. The building offers ample parking with three garages and six tandem spaces, and has excellent ADU potential.

Current ownership has recently replaced the main electric panel to comply with current insurance requirements. This is an outstanding investment opportunity in a prime Long Beach location.

Highlights

  • Priced at 6.22% Cap Rate and 11.04 GRM at Current Rents
  • Overparked with 3 Garages and 6 Tandem Spaces
  • Main Electrical Panel Recently Replaced to Comply with Insurance Requirements

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