Casa 2055

2055 E. 3rd Street, Long Beach, CA 90804

Sale Price

$5,450,000

Investment Overview

Units

13

Year Built

1927

Price Per SF

$587

Price Per Unit

$419,231

Current Cap Rate

4.26%

Market Cap Rate

4.68%

Current GRM

16.99

Market GRM

14.93

The Offering

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.

Investment Highlights

  • Turnkey, Fully Stabilized Asset
  • Meticulous Renovation — More than $600K in CapEx
  • 3.25% Property Management Fees
  • Appealing Hacienda-Style Architectural Details
  • Modern Spanish Interior Designed Units
  • In-Unit Washer/Dryers
  • Highly Sought-After Rental Location
  • Walking Distance to the Ocean and Bike Paths, Parks and 4th Street / Retro Row Shopping and Dining

Virtual Tour