Description
2216 Locust Avenue is a 5-unit multifamily investment in Long Beach, one of the fastest growing markets in Southern California. The building features a mix of oversized (1) three-bedroom/one bath units and (4) one-bedroom/one bath units. Each unit has its own water heater, and all units are separately metered for gas and electric. Four onsite garages offer the ability for additional income. And the enhancement of common area amenities may provide the opportunity to capture extra upside. 2216 Locust Avenue has the potential to achieve 27% rental upside and is offered at a 6.32% cap rate and 10.89 GRM on proforma rents. With billions of dollars in privately and publicly-funded development taking place, Long Beach is in the midst of a full-scale transformation into a premier metropolitan city, attracting an influx of new businesses, high-quality jobs and an educated, professional demographic of residents.
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0BEDS
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0.14ACRES
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0BATHS
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01/2 BATHS
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4,128SQFT
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$279$/SQFT
School Ratings & Info
Description
2216 Locust Avenue is a 5-unit multifamily investment in Long Beach, one of the fastest growing markets in Southern California. The building features a mix of oversized (1) three-bedroom/one bath units and (4) one-bedroom/one bath units. Each unit has its own water heater, and all units are separately metered for gas and electric. Four onsite garages offer the ability for additional income. And the enhancement of common area amenities may provide the opportunity to capture extra upside. 2216 Locust Avenue has the potential to achieve 27% rental upside and is offered at a 6.32% cap rate and 10.89 GRM on proforma rents. With billions of dollars in privately and publicly-funded development taking place, Long Beach is in the midst of a full-scale transformation into a premier metropolitan city, attracting an influx of new businesses, high-quality jobs and an educated, professional demographic of residents.
Based on information from California Regional Multiple Listing Service, Inc. as of 2021-04-19T12:43:26.903. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Zember Realty Group. Licensed in the State of California, USA.