CA > Long Beach > Poly High (Ph)
Long Beach, CA 90813,1700 Pacific AVE
Long Beach, CA 90813,1700 Pacific AVE
Long Beach, CA 90813,1700 Pacific AVE
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The Warburton Team Brokered By EXp

The Warburton Team Brokered By EXp

+1(626) 630-2141
$2,145,000
Est. payment /mo
6,054 Sqft Lot
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UPDATED:

Key Details

Property Type Apartment

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

Subdivision Poly High (Ph)

MLS Listing ID PW25182296

HOA Y/N No

Year Built 1964

Lot Size 6,054 Sqft

Property Sub-Type Apartment

Property Description

Present All Offers!
We are pleased to present a 10 unit investment opportunity located at 1700 Pacific Ave in Long Beach.
All major systems have been redone, including new electric (main and sub panels), ABS plumbing systems, new vinyl windows, and the roof is in great condition as well.

At a current 5.44% Cap Rate, and 11.2 GRM with upside to a 7.01% Cap Rate and 9.5 GRM, this is priced attractively & below the area average. In addition to all of the major improvements to the property, the tenants benefit from a rear roof deck, onsite laundry room (hookups with no machines), as well as onsite parking.

There is ample retail and dining options nearby, and being located just off Pacific Coast Hwy, the central location allows for easy commute to downtown, the beach, and easy access to 710/405 Freeways. The property is also steps away from numerous new construction apartment buildings, retail centers, the $176 million reconstruction of Washington Middle School's five-acre campus & the $450 million Poly High School campus renovation.

In addition to the 27% upside in Net Operating Income, there is even more opportunity with the potential to convert the existing garage and rear parking area + roof deck into ADUs. One can reasonably get an additional 4+ units onsite for additional income and equity growth.

Location

State CA

County Los Angeles

Area 9 - Poly High

Zoning LBR4R

Interior

Fireplace No

Laundry Common Area, See Remarks

Exterior

Parking Features Assigned

Garage Spaces 1.0

Carport Spaces 4

Garage Description 1.0

Pool None

Community Features Biking, Curbs, Dog Park, Golf, Gutter(s), Storm Drain(s), Street Lights, Sidewalks, Park

Total Parking Spaces 5

Private Pool No

Building

Lot Description Near Park, Near Public Transit, Value In Land

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 7269009013

Acceptable Financing Cash to New Loan

Listing Terms Cash to New Loan

Special Listing Condition Standard

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CRMLS – RECore
Listed by Shane Young Younglewin Advisors, Inc. 562-556-1118

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