Deal numbers

A cap rate estimate is not available for this property yet. Ask Alex for a pro forma using comparable rent data.

Property details

Type

Apartment

Bedrooms

8

Building size

9,761 sqft

Lot size

10,757 sqft

Year built

1977

Stories

2

Garage spaces

9

Pool

None

Status

Active

Days on market

0

MLS #

247430227

About this property

We are pleased to present 4126 Elm Ave, an 8 unit condo-quality trophy investment opportunity in Long Beach's Bixby Knolls. Built in 1977, the two-story building sits just two blocks off of the Atlantic Avenue corridor and just a few miles from the ocean and Downtown Long Beach. The 9,761 SF building sits on a 10,755 SF lot with an unusually large unit mix: three 1+1 units, four 2+2 units and one 3+2.5 owner’s unit, with the average SF of each unit being roughly 1,220 SF. Each unit has its own fireplace, heating and air conditioning, patio or balcony and garage parking, which is currently provided at no charge, providing immediate additional upside for a new buyer. Current rents average $2,256 against market rents of $3,008 — about 33% of upside — taking the property from a 4.23% cap rate to 6.91% pro forma. Bixby Knolls is a Walk Score 84 neighborhood anchored by the Atlantic Avenue corridor, SteelCraft Long Beach and the Expo Arts Center, with the 405 a mile south and Long Beach Airport under four miles away.

Location

4126 Elm Ave

Long Beach, Los Angeles, CA, 90807