$ 4,080,000
2260 Santa Fe Avenue Long Beach, CA 90810
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Listed by Christopher Van Vuuren • Lyon Stahl Investment Real Estate, Inc.
$ 4,080,000
Est. payment /mo
Pending
2260 Santa Fe Avenue Long Beach, CA 90810
12,500 SqFt
UPDATED:
11/25/2024 03:55 AM
Key Details
Property Type Single Family Home
Listing Status Pending
Purchase Type For Sale
Square Footage 12,500 sqft
Price per Sqft $326
Subdivision Westside/South Of Willow
MLS Listing ID SB-24156797
Year Built 1950
Lot Size 0.734 Acres
Property Description
HIGH YIELD - 8% CASH-ON-CASH RETURN w/ FINANCING AVAILABLE AT JUST 25% DOWN!!!!! pleased to present the opportunity to acquire 2260 Santa Fe Avenue and 2261 Adriatic Avenue, an investment property located in the vibrant Westside Long Beach submarket. These two adjacent parcels are situated in a high-demand area, offering a unique mix of unit configurations and robust investment potential. The properties are strategically positioned to benefit from Long Beach's ongoing urban development and revitalization efforts, providing residents with easy access to transportation, employment hubs, and diverse retail and entertainment options. 2260 Santa Fe Avenue is comprised of thirty-one (31) studio units and one (1) one-bedroom/one-bath unit, while 2261 Adriatic Avenue features two (2) standalone three-bedroom/one-bath units. Together, these properties include a total of 34 units, 16 uncovered parking spaces, and a coin-operated laundry facility, enhancing tenant convenience and income potential. The Santa Fe Avenue property currently operates as an apartment building and has for many years, per the Seller. A site plan has received approval with conditions from the City of Long Beach for legalization of an unpermitted conversion of a senior group residence into apartments. The buyer has the option to proceed with the city's conversion process or chose to operate the asset under allowable uses per the municipal code for the sites zoning. At an exceptional price of $120,000 per unit, this offering presents an attractive investment with a current 7.36% CAP rate and a pro forma 9.22% CAP rate. The current gross rent multiplier (GRM) stands at 8.27, with a pro forma GRM of 7.20, indicating significant upside potential. This investment not only promises strong cash flow and value appreciation but also offers the opportunity to capitalize on Long Beach's thriving real estate market.
Location
State CA
County Los Angeles
Zoning LBR4R
Interior
Laundry Community
Exterior
Garage Gated
Pool None
Community Features Curbs
Building
Lot Description Lot 20000-39999 Sqft
Sewer Public Sewer