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$ 4,080,000
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Pending
2260 Santa Fe AVE Long Beach, CA 90810
0.73 Acres Lot
UPDATED:
12/21/2024 01:20 PM
Key Details
Property Type Multi-Family
Sub Type Mixed Use
Listing Status Pending
Purchase Type For Sale
Subdivision Westside/South Of Willow (Wsw)
MLS Listing ID SB24156797
HOA Y/N No
Year Built 1950
Lot Size 0.734 Acres
Property Description
HIGH YIELD - 8% CASH-ON-CASH RETURN w/ FINANCING AVAILABLE AT JUST 25% DOWN!!!!!
pleased to present the opportunity to acquire 2260 Santa Fe Avenue and 2261 Adriatic Avenue, an investment property located in the vibrant Westside Long Beach submarket. These two adjacent parcels are situated in a high-demand area, offering a unique mix of unit configurations and robust investment potential. The properties are strategically positioned to benefit from Long Beach's ongoing urban development and revitalization efforts, providing residents with easy access to transportation, employment hubs, and diverse retail and entertainment options.
2260 Santa Fe Avenue is comprised of thirty-one (31) studio units and one (1) one-bedroom/one-bath unit, while 2261 Adriatic Avenue features two (2) standalone three-bedroom/one-bath units. Together, these properties include a total of 34 units, 16 uncovered parking spaces, and a coin-operated laundry facility, enhancing tenant convenience and income potential. The Santa Fe Avenue property currently operates as an apartment building and has for many years, per the Seller. A site plan has received approval with conditions from the City of Long Beach for legalization of an unpermitted conversion of a senior group residence into apartments. The buyer has the option to proceed with the city's conversion process or chose to operate the asset under allowable uses per the municipal code for the sites zoning.
At an exceptional price of $120,000 per unit, this offering presents an attractive investment with a current 7.36% CAP rate and a pro forma 9.22% CAP rate. The current gross rent multiplier (GRM) stands at 8.27, with a pro forma GRM of 7.20, indicating significant upside potential. This investment not only promises strong cash flow and value appreciation but also offers the opportunity to capitalize on Long Beach's thriving real estate market.
pleased to present the opportunity to acquire 2260 Santa Fe Avenue and 2261 Adriatic Avenue, an investment property located in the vibrant Westside Long Beach submarket. These two adjacent parcels are situated in a high-demand area, offering a unique mix of unit configurations and robust investment potential. The properties are strategically positioned to benefit from Long Beach's ongoing urban development and revitalization efforts, providing residents with easy access to transportation, employment hubs, and diverse retail and entertainment options.
2260 Santa Fe Avenue is comprised of thirty-one (31) studio units and one (1) one-bedroom/one-bath unit, while 2261 Adriatic Avenue features two (2) standalone three-bedroom/one-bath units. Together, these properties include a total of 34 units, 16 uncovered parking spaces, and a coin-operated laundry facility, enhancing tenant convenience and income potential. The Santa Fe Avenue property currently operates as an apartment building and has for many years, per the Seller. A site plan has received approval with conditions from the City of Long Beach for legalization of an unpermitted conversion of a senior group residence into apartments. The buyer has the option to proceed with the city's conversion process or chose to operate the asset under allowable uses per the municipal code for the sites zoning.
At an exceptional price of $120,000 per unit, this offering presents an attractive investment with a current 7.36% CAP rate and a pro forma 9.22% CAP rate. The current gross rent multiplier (GRM) stands at 8.27, with a pro forma GRM of 7.20, indicating significant upside potential. This investment not only promises strong cash flow and value appreciation but also offers the opportunity to capitalize on Long Beach's thriving real estate market.
Location
State CA
County Los Angeles
Area 11 - Westside
Zoning LBR4R
Interior
Fireplace No
Laundry Common Area
Exterior
Pool None
Community Features Curbs
Private Pool No
Building
Story 1
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 7401031003
Acceptable Financing Cash, Cash to New Loan, Conventional, 1031 Exchange
Listing Terms Cash, Cash to New Loan, Conventional, 1031 Exchange
Special Listing Condition Standard
Listed by Christopher Van Vuuren • Lyon Stahl Investment Real Estate, Inc. • 714-655-0098