1030 Myrtle Avenue
Long Beach, CA 90813
0.15 acres | #SB25042498
Description
2005 construction and just outside of downtown Long Beach, this quadruplex has three large 3 bedroom 1 bathroom apartments, and one 1 bedroom 1 bathroom apartment. The strong income in place has this building at a GRM of 13.3X and a cap rate of 4.2%, and there is approximately 15% upside in the rents. The building features onsite laundry in select units, a large 2 car garage for each unit with extra parking on the driveway, and is separately metered for gas and electricity. There is a path to substantial upside via the conversion of some of the 8 garage spots to ADUs, as well as offsetting some of the expenses through the use of RUBS.
The building is just 3 blocks North of Downtown Long Beach, with ongoing new developments of over $8 Billion. It offers excellent transit access only a few blocks to the metro blue line rail station, PCH, and the 710 freeway. Over 60% of households within 5 miles are renters with an average household income of over $94,000. (Per Costar)
Property Details
- Utility FeaturesElectricityConnected, NaturalGasConnected, SewerConnected, WaterConnected
- Lot DescriptionRectangularLot
- Property TypeMulti-Family
- Sewer InformationPublicSewer
- CountyLos Angeles
- Original List Price$1,550,000
- MLS #SB25042498
- Property SubtypeQuadruplex
- MLS #SB25042498
- InteriorBalcony
- SubdivisionLincoln
- Cost1550000
- Utility SourcePublic
- Acres0.15
- Year Built2005
- FoundationSlab
- Stories2
- Parking Spaces8
Location
Legal
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Last Updated: . Source: CRMLS
Listing Courtesy
Listing Agent: Anthony Walker (#sbwalkant)
Listing Office: Buckingham Investments, Inc (#SB1301700)
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