Property Detail

Description

2500-06 East Spaulding Street is an updated 18-unit apartment property in Zaferia, a largely built-out submarket of East Long Beach. Built in 1962, the two-building, 14,866-square-foot property is offered at $4,995,000, or $277,500 per unit and $336 per square foot. All 18 units are updated two-bedroom, one-bath floor plans, and the building has fresh two-tone exterior paint and a central courtyard. In-place rents of $37,871 per month carry a 6.2% capitalization rate on $307,432 of net operating income, and the $40,500 per month the unit mix supports at market takes net operating income to $333,657 and the return to 6.7%. Eight enclosed garages, eight open parking spaces and two onsite laundry rooms give the building amenity depth uncommon at this size. RUBS, parking and pet income add $1,790 per month in ancillary revenue. Each unit is individually metered for electricity, giving residents direct control over utility costs and holding the owner-paid expense load down. Gated keypad access adds security and supports longterm tenant retention. Interiors feature stainless steel appliances, wood-look plank flooring, and ceiling fans, finishes that support durable occupancy and continued rent growth in one of Long Beach’s most walkable neighborhoods.