Property Detail

Description

This is a 26-unit value-add mixed-use offering in Long Beach. The two-building property, which totals approximately 17,730 square feet, is in the Historic Rose Park District on the northeast corner of 7th Street and Cherry Avenue. It comprises 8 retail spaces, one studio, 12 one-bedroom apartments, and 5 two-bedroom apartments. With approximately 20% rental upside to capture, with some renovations and operational improvements, the asking price of $4,995,000 presents an attractive stabilized capitalization rate exceeding 6% on a prime corner location.