2055 E. 3rd Street,Long Beach, CA 90804
Year Built
Price
Price Per Unit
Price per SF
Current Cap Rate
Market Cap Rate
Current GRM
Market GRM
2055 E. 3rd Street,Long Beach, CA 90804
Price per Unit
Price
Price Per Unit
Price per SF
Current Cap Rate
Market Cap Rate
Year Built
Current GRM
Market GRM
Casa 2055 is a 13-unit investment asset located at 2055 E. 3rd Street in Bluff Heights, Long Beach. The property offers a favorable mix of sizable units: one 2 BD/1 BA, six 1 BD/1BA, four of which have dens, and six studio units, four of which have brand-new high-end murphy beds.
Casa 2055 provides a new buyer with an attractive, meticulously renovated, turnkey and fully stabilized asset in a highly desirable rental market. Revenue increases can be achieved over time through parking, storage and yearly market-permitted rent increases.
Over $600K in Capital Improvements
Casa 2055 has undergone extensive renovations to exteriors, electrical, plumbing and mechanical systems, common areas and unit interiors, which total over $600K in capital expenditures (see pages 14, 15 for a complete list of renovations).
“Modern Spanish” Design Marries Old World Charm with Modern Amenities
The improvements enhance the Hacienda-style architecture with a “modern Spanish” aesthetic. Spanish tiling, ironwork, dark hardwood flooring, period built-ins and casement windows are married with modern appliances and amenitieis and high-end design materials and finishes.
California Indoor/Outdoor Hacienda Style
Open-air hallways and walkways meander towards a landscaped common courtyard, providing a residential indoor-outdoor ambiance.The central courtyard has the potential to be transformed into areas for dining, lounging and entertaining.
Highly Desirable Location
The property is located in Bluff Heights, a neighborhood popular with young urban professionals and families, nestled between Alamitos Beach and Belmont Heights. With a walk score of 94 and bike score of 88, the area offers residents a plethora of outdoor recreation and cultural destinations. The property is walkable to the dining and shopping amenities along 4th Street / Retro Row.
Technology-Driven Property Management Solution
Real Property Management Southland (RPM) is the in-place property management company for Casa 2055. Based in Long Beach and founded in 2014, RPM employs a combination of eight experienced full-time team members, part-time onsite property managers, a deep bench of reliable trade vendors, and best-in-class technology systems to deliver efficient property management services at attractive fees.