1861 Pacific Avenue, Long Beach, CA 90806
Property
Sold December 2023
Listing Agent: Julio Ruiz (DRE #01911261) · Listing Office: Global Platinum Properties, Inc. · Contact: 818-524-0706 · Bought with: Cary Tong · VISMAR REAL ESTATE · MLS #23310541 · Source: CRMLS
About this property
Huge 200k Price Reduction! 8-unit building with 6 fully renovated residential units (100% occupied) and 2 store-front retail units (with RTI plans to convert to 2 residential units) in Long Beach. Incredible Current Cap Rate of 6% and 11.9 GRM from day 1 with upside to 7.3% Cap Rate and 10.2 GRM on Proforma. RTI Plans to convert each retail store into a 2 bed/1 bath residential unit to maximize rents. Large unit mix consisting of 1 (3bed/1bath), 4 (2bed/1bath), 1 (studio/1bath), and 2 large storefronts. Preliminary plans to add 2 Detached (3bed/1bath) ADUs for future upside. Rare 5 vacant garages in the back for additional income. The 8-unit building presents a unique opportunity for investors and business owners alike. With 6 recently renovated residential units the upside potential for rental income is significant. In addition, the two store-front retail units offer excellent visibility and foot traffic in a bustling commercial area. The location of this property is highly desirable with proximity to major transportation routes and popular amenities such as parks, restaurants, and shopping centers. Furthermore, the recent renovations of the residential units have added value to the property making it an attractive investment opportunity for those looking to capitalize on its upside potential. Overall, this 8-unit building represents a promising proposition for investors seeking high returns in one of Southern California's thriving communities.
Listing description from the December 2023 sale, as reported to CRMLS.
Sale history