907-917 Grand Avenue
907 Grand Avenue, Long Beach, CA 90804
Sale Price
$4,500,000
Investment Overview
Units
13
Year Built
1962
Price Per Unit
$346,154
Current Cap Rate
4.10%
Market Cap Rate
5.01%
Current GRM
15.54
Market GRM
13.46
The Offering
907-927 Grand Avenue is a 13-unit investment asset located in the popular Eastside Long Beach rental market. Situated on two parcels, the property offers a favorable mix of seven 2BD / 1BA and six 1BD / 1BA units.
Extensive renovations totaling over $340,000 feature:
- New vinyl plank flooring & custom bathroom tile
- Modern designer cabinets & countertops
- New appliances
- New energy-efficient LED lighting
- New upgraded electrial subpanels in-unit
Located in prime Eastside Long Beach, which has a Walk Score of 91, the property provides tenants with convenient, walkable access to all amenities for day-to-day living.
The seller’s renovations and managment provide a new buyer with a solid investment at 4.10% cap rate and 15.54 GRM on actuals with 14% rental upside potential.
Investment Highlights
- 4.10% Cap Rate on Actuals with 14% Rental Upside
- Extensive Interior Renovations Exceeding $340K
- Significant Electrical and Plumbing System Upgrades
- Strong Unit Mix of (7) 2BD / 1BA and (6) 1BD / 1BA
- Desirable Eastside Long Beach Location