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811 Gardenia Avenue

811 Gardenia Avenue,Long Beach, CA 90813

7

Unit

$2,395,000

Price

Property Details

Price Per Unit

$342,143

Price per SF

$376

Current Cap Rate

5.58%

Market Cap Rate

6.94%

Current GRM

12.00

Market GRM

10.21

811 Gardenia Avenue

811 Gardenia Avenue,Long Beach, CA 90813

$2,395,000

Price

Property Details

Price per SF

$376

Price Per Unit

$342,143

Price per SF

$376

Current Cap Rate

5.58%

Market Cap Rate

6.94%

Unit

7

Current GRM

12.00

Market GRM

10.21

Description

811 Gardenia is a well-positioned 7-unit asset located in Long Beach, California. The property is priced at a 5.58% cap and 12.0 GRM with rental upside to a 6.93% cap rate and 10.2 GRM.
Built in 1963, The asset has a strong unit mix comprised of (1) 6BD/2BA, (1)
4BD/1BA, (3) 3BD/1BA and (2) 2BD/1BA units. Most of the units have been partially upgraded with new floors, countertops, fixtures and paint.
The property has four (4) garages and a laundry room providing additional income. New ownership also has the opportunity to convert garages to ADUs for increased income.

Highlights

  • Priced at a 5.58% cap rate and 12.0 GRM with upside to 6.93% cap and 10.21 GRM
  • Strong unit mix, comprised of (1) 6BD/2BA, (1) 4BD/1BA, (4) 3BD/1BA and (1) 2BD/1BA
  • Laundry room and garages offer opportunity for additional income

Map

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