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Address: 2223 Myrtle Ave, Long Beach, CA 90806, USA

California & West + Apartment Buildings

Created date: July 30, 2024

Date last updated: October 28, 2024

Property Description

The Mogharebi Group is pleased to present the opportunity to acquire 2223 Mrytle, a 14-unit secured access community located in Long Beach, California. The property has recently undergone significant renovations. Exterior upgrades include new windows, new paint, new garage door hardware, lighting, security gates, intercom system, stairway upgrades and a fresh slurry and stripped parking lot, along with professional landscaping upgrades. Interior kitchen upgrades include new custom cabinets and hardware, modern quartz counter tops, new stainless-steel appliances (including refrigerator, dishwasher, microwave, and stoves), new sinks, and custom facets. Bathroom upgrades include new custom cabinets and counter tops, new bathtubs, and custom tile enclosures. Flooring and custom lighting is new throughout the interior. Upstairs units have vaulted ceilings, creating a spacious feel.

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Key Property Information

Listing Status:	Unavailable
Listing Type:	Highest & best offer
Property Types:	Apartment Buildings
Price:	$3,595,000
No. of Units:	12
Cap Rate:	6.01%
GRM /GIM:	9.24
Average Occupancy:	100
Year Built:	1959
Year Renovated:	2023
Building Size:	8,631 Sq ft
Lot Size:	10.50 Sq ft
No. of Stories:	2
APN:	7211-014-032
Opportunity Zone:	No
Price per unit:	$299,583
Parking Spaces:	11
Property Website	Click Here

Address: 2223 Myrtle Ave, Long Beach, CA 90806, USA

Unit mix

Description	No. of Units	Sq ft.	Avg. Monthly Rent
One Bedroom	12	600	1812
Two Bedroom	2	716	2090

FINANCIAL DETAILS

Income/expense info:	Actual
Financial year:	2024
Gross income:	319572
Effective Gross income:	310237
Operating expenses:	94301
Net operating income:	215936
Pre-tax cashflow:	76523