Description

945 Locust Avenue is a 16-unit apartment property in Long Beach, California, adjacent to the vibrant East Village Arts District and Downtown.  The controlled-access, all-electric, separately-metered building features two (2) 2BD / 2 BA units and fourteen (14) 2BD / 1 BA units.

Seven (7) of the units are fully remodeled with new flooring, kitchens, stainless steel appliances, new bathrooms and modern fixtures and finishes. Double-pane windows are installed throughout the building for additional energy efficiency.

An onsite laundry / storage room can provide extra income, and the eight (8) garages offer the opportunity for ADU conversion for additional rental income.

945 Locust Avenue is priced at 11.73 GRM and 5.39% cap rate at current rents.