914 N Loma Vista Drive, Long Beach, CA 90813

  • $2,200,000
  • $489
914 N Loma Vista Drive, Long Beach, CA 90813
  • Residential Income
  • Property Type
  • 0.00
  • Garage
  • 1922
  • Year Built
For Sale
914 N Loma Vista Drive, Long Beach, CA 90813
  • $2,200,000
  • $489

Overview

Property ID: SGR-16020397
  • Residential Income
  • Property Type
  • 0.00
  • Garage
  • 1922
  • Year Built

Description

Please see attached Offering Memorandum for additional information.

Beautiful 914 N. Loma Vista Drive is a charming 8 unit apartment complex adjacent to dynamic downtown Long Beach. This property features four standard one-bedroom, two deluxe one-bedroom, and two balcony one-bedroom apartments. The property has been substantially improved by its current owner who has owned & operated it for 7 years. During that time, the current owner has invested a total of over $148,000 in capital expenditures to the property, completing major renovations on 6 of 8 units and contributing $46k+ into the building exterior. These improvements have yielded an increase of the annual rent roll from $70,752 in 2015 to $136,476 today (an increase of 92.89%). The property is being offered at a price of
$2,200,000, which is an attractive 15.92X multiple of current gross rents (12.93X on market rents) and a Cap Rate on current rents of 3.90% (5.23%
on market rents).

  • Address 914 N Loma Vista Drive
  • City Long Beach
  • State/county CA
  • Zip/Postal Code 90813
  • Area 4 - Downtown Area, Alamitos Beach
  • Country United States

Details

Updated on November 14, 2023 at 6:09 am
  • Property ID: SGR-16020397
  • Price: $2,200,000
  • Land Area: 8623.00 m²
  • Garage: 0.00
  • Year Built: 1922
  • Property Type: Residential Income
  • Property Status: For Sale
  • Living Area: 4502.00
  • MLS#: PW23193787
  • Office Name: JMS MANAGE SELL PC
  • Agent Name: Scott Burns
  • MLS Status: Active
  • Living Area Prefix: Sqft
  • Agent State License: 01989612
  • IDX Contact Info: sburns@jmsred.com

Additional details

  • Sewer: Public Sewer
  • County: Los Angeles
  • Property SubType: Commercial/Residential
  • Parking: 0.00
  • Water Source: Public

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