907 Grand Avenue,Long Beach, CA 90804
Unit
Price
Price Per Unit
Price per SF
Current Cap Rate
Market Cap Rate
Current GRM
Market GRM
907 Grand Avenue,Long Beach, CA 90804
Price
Price per SF
Price Per Unit
Price per SF
Current Cap Rate
Market Cap Rate
Unit
Current GRM
Market GRM
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.
EXTENSIVE RENOVATIONS
The property has been extensively renovated. Unit interior renovations totaling over $340,000 include:
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.