6,734 Sqft Lot
6,734 Sqft Lot
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Wrigley Area (Wr)
MLS Listing ID SB26144665
HOA Y/N No
Year Built 1962
Lot Size 6,734 Sqft
Property Sub-Type Apartment
Property Description
Built in 1962, the property totals approximately 6,733 square feet of building area on an approximately 8,591 square foot lot. Current scheduled rents total approximately $19,559 per month, or $234,712 annually, with market rents projected at approximately $21,940 per month before additional garage income, bringing total annualized market income to approximately $270,480.
At the asking price of $2,300,000, the property is priced at approximately $209K per unit and $267 per net rentable square foot. The asset currently operates at a 9.80 GRM and 7.03% cap rate, with the ability to move toward an 8.50 GRM and 8.54% cap rate at market rents.
The offering provides investors with strong current income, two newly built ADUs, and a clear path for additional rent growth in a central Long Beach location. With multiple units still below market and the ADU income already in place, 1950 Pacific Ave offers a compelling value-add opportunity with both immediate cash flow and long-term upside.
Location
State CA
County Los Angeles
Area 5 - Wrigley Area
Interior
Fireplace No
Laundry None
Exterior
Garage Spaces 3.0
Garage Description 3.0
Pool None
Community Features Sidewalks, Urban
Total Parking Spaces 3
Private Pool No
Building
Lot Description 0-1 Unit/Acre
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7209020010
Acceptable Financing Cash, Conventional, Government Loan
Listing Terms Cash, Conventional, Government Loan
Special Listing Condition Standard
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