912 Gladys Avenue

912 Gladys Avenue, Long Beach, CA 90804

Sale Price

$2,675,000

Investment Overview

Units

8

Year Built

1963

Price Per Unit

$334,375

Current Cap Rate

4.87%

Market Cap Rate

5.32%

Current GRM

13.55

Market GRM

12.70

The Offering

912 Gladys Avenue is an 8-unit investment asset located in the Rose Park Historic District in Eastside Long Beach. The property offers a favorable mix of one 3 BD/2 BA townhouse and seven 2 BD/1 BA units. Onsite laundry facilities, as well as four private single car garages, provide additional income.

Property renovations totaling over $80K include six upgraded units, new laundry equipment, exterior painting and ironwork, and new synthetic grass and flagstone.

Located in the quiet, residential Rose Park Historic District, the property is nestled among 1920’s Craftsman homes in a neighborhood populated by many families and young professionals. With a Walk Score of 92, the property provides tenants with convenient, walkable access to all amenities for day-to-day living.

Offered at a 4.87% cap rate and 13.55 GRM at current rents, 912 Gladys Avenue provides a new buyer with a well-maintained property in a highly desirable rental market.

Investment Highlights

  • 4.87% cap rate / 13.55 GRM at current rents
  • Strong Mix of (1) 3BD/2BA townhouse and (7) 2BD/1BA units
  • Exterior renovations and six upgraded units
  • Onsite laundry and parking income