907-927 Grand Avenue
907 Grand Avenue, Long Beach, CA 90804
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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 is comprised of three separate structures featuring a favorable mix of seven 2BD / 1BA and six 1BD / 1BA units.
The property has been extensively renovated. Unit interior renovations totaling over $340,000 include:
- New vinyl plank flooring & custom bathroom tile
- Modern designer cabinets & countertops
- New appliances
- New energy-efficient LED lighting
- New upgraded electrial subpanels in-unit
POTENTIAL TO BUILD 2 ADUs
The property offers onsite laundry facilities and eight garages. Four of the garages are in a stand-alone structure and have the capacity to be converted to two ADUs of approximately 350 square feet each. The addition of these two ADUs has the potential to add $1,500 rental income per unit per month, for a total combined income of $36,000 annually.
PRIME EASTSIDE LOCATION
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 neighborhood is ranked as one of the best neighborhoods in Long Beach for young professionals by Niche.com. The median household income is $118,600 and 31% of residents are families with children.
The seller’s renovations and management provide a new buyer with a solid investment at 4.25% cap rate on actuals.
- 4.25% Cap Rate on Actuals
- Potential to Build 2 ADUs with 25% Return
- 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