The Movaje Apartments
- California
- Long Beach
Property Information
- Address: 140 E. Spring Street
- City: Long Beach
- State: California
- Zip Code: 90806
- Units: 20
- Price: $4,800,000
Property Financials
- Price per Unit: $240,000
- Price per SF: $349
- Current Cap Rate: 6.01%
- Market Cap Rate: 7.26%
- Current GRM: 10.09
- Market GRM: 8.88
Property Description
Highlights
- ~20% NOI Growth Through Mark-to-Market Rents and Parking Income
- Over $200K in Capital Improvements Already Completed
- Significant Loss-to-Lease – In-Place Rents Sit Well Below Market and Comparables
- Turnkey Renovated Units Prove Market Rents
- Large, Well-Configured Units – Balanced Mix of 2BDs and 1BDs
- Attractive Amenities – 1:1 Parking Ratio, Pool & Sundeck
- Central Long Beach Location with Convenient Access to Major Employment Centers
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