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

Bedrooms

10

Building size

6,710 sqft

Lot size

9,011 sqft

Year built

1960

Stories

0

Heating

None

Cooling

None

Status

Active

Days on market

8

MLS #

248965605

About this property

1503 Stanton Pl | 10-Unit Multifamily, Long Beach. This 1960-built asset totals 6,710 SF across a front and rear building on a 10,736 SF R-2-N lot in Long Beach's Zaferia neighborhood, a short walk from neighborhood shopping and 1.2 miles from Long Beach City College. The property features (10) 2BR/1BA units averaging 671 SF. Eight of 10 units are occupied at an average rent of $2,008 against a $2,095 market rent, and Units 1 and 4 are delivered vacant for the buyer to lease at market. Offered at $2,375,000 ($237,500/unit | $353.95/SF) with a 7.13% cap rate at lease-up, the real story is yield: a cap rate above every comparable sale reporting one, with a 7.48% pro forma reached through natural turnover and no renovation program.

Location

1503 N Stanton Place

Long Beach, Los Angeles, CA, 90804