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