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

8

Building size

5,254 sqft

Lot size

6,518 sqft

Year built

1960

Stories

0

Heating

None

Cooling

None

Status

Active

Days on market

11

MLS #

248965703

About this property

2212 E 15th St | 8-Unit Multifamily Investment, Long Beach. This 1960-built asset totals 5,256 SF on an 8,409 SF lot in Eastside Long Beach, between the Cherry Avenue corridor and Zaferia. It sits a few blocks north of Anaheim Street's restaurants and coffee shops and just south of Pacific Coast Highway retail and bus lines. The property features (8) 2BR/1BA units averaging 657 SF across a front and back building, with eight on-site parking spaces at a 1:1 ratio. Six of eight units are occupied at an average rent of $1,962, four of them already at the $1,995 market rent, and Units 1 and 2 are delivered vacant. Offered at $1,775,000 ($221,875/unit | $337.71/SF) with a 7.13% cap rate on scheduled rents and a 9.39 GRM, the real story is yield a 7%+ cap at a sub-$225K basis, with two units the buyer can lease or renovate on their own terms from close.

Location

2212 E 15th Street

Long Beach, Los Angeles, CA, 90804