Property Detail

Description

This updated 16-unit apartment community is now fully occupied and boasts a current CAP rate of 6.51%. All units have 2-bed, 1-bath floor plans. Nine of the 16 units were recently renovated – four of which were partially updated, and the other five were remodeled top-to-bottom with new paint, flooring, lighting, and brand new kitchen and bathroom finishes. Recent exterior upgrades include a new roof, new exterior railings, improved decks and walkways and select window replacements. This property also offers additional income potential with architectural plans to convert 8 garage spaces into 4 ADUs - the current owner passed the pre-planning stage with the City. More building features include a controlled-access gate for extra privacy and security and a community laundry room. This apartment community is located in a residential yet walkable pocket of Southwest Long Beach, near the heart of Downtown and the East Village Arts District.