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Olive Court

1538 E. 3rd Street,Long Beach, CA 90802

16

Unit

$3,600,000

Price

Property Details

Price Per Unit

$225,000

Price per SF

$495

Current Cap Rate

5.02%

Market Cap Rate

6.03%

Current GRM

12.18

Market GRM

10.74

Olive Court

1538 E. 3rd Street,Long Beach, CA 90802

$3,600,000

Price

Property Details

Price per SF

$495

Price Per Unit

$225,000

Price per SF

$495

Current Cap Rate

5.02%

Market Cap Rate

6.03%

Unit

16

Current GRM

12.18

Market GRM

10.74

Description

1538 E. 3rd Street is a 16-unit investment opportunity located in prime Alamitos Beach with ±25% potential upside in rents. The asset is offered at 5.02% cap rate and 12.18 GRM on current rents.

The property is comprised of (8) 1BD / 1BA unit and (8) studio units along a landscaped corridor. The 8,270-square-foot lot also includes four (4) garages and six (6) parking spaces,

Located just blocks from the beach and bike path in Alamitos Beach, this property has a Walk Score of 95, and offers tenants the best of Long Beach living.

Highlights

  • ±25% Potential Rental Upside
  • Priced at 5.02% Cap Rate /12.50 GRM on Current Rents
  • Attractive Mix of 1BD and Studio Units
  • Four (4) Garages and Six (6) Surface Spaces
  • Excellent Alamitos Beach Location

Map