Myrtle Apartments

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Address: 2223 Myrtle Ave, Long Beach, CA 90806, USA
Created date: March 25, 2024
Date last updated: March 25, 2024

Property Description

With 13 of 14-unit interiors extensively upgraded, including electrical subpanels, this 14-unit apartment building offers an attractive yield approaching a 6% Capitalization Rate, at the asking price. The location is within a rapidly up-and- coming neighborhood. The property offers (2) two-bedroom/one-bath and (12) one-bedroom/ one-bath units. Remodeled units include vinyl plank flooring, custom cabinets, stainless steel appliances, new bathroom vanities, and modern lighting and fixtures throughout. Both kitchens and bathrooms have been completely remodeled in these 13 units. The secure access building also features ample parking; new windows; two laundry rooms; and separate meters for gas and electric. A RUBS program has been implemented to further reduce operating costs. The new owner can continue implementing the RUBS program to further increase the yield.

Key Property Information

Listing Status: Available
Listing Type: Highest & best offer
Property Types: Apartment Buildings
Price: $3,675,000
No. of Units: 14
Cap Rate: 5.79%
GRM /GIM: 11.38
Average Occupancy: 97
Year Built: 1958
Year Renovated: 2022
Building Size: 8,632 Sq ft
APN: 7211014032
Opportunity Zone: No
Price per unit: $262,500
Parking Spaces: 9
Address: 2223 Myrtle Ave, Long Beach, CA 90806, USA

Unit mix

Description No. of Units Sq ft. Avg. Monthly Rent

FINANCIAL DETAILS

Income/expense info: Pro Forma
Gross income: 322928
Effective Gross income: 307061
Operating expenses: 94190
Net operating income: 212871

Additional contacts

Full name Phone number Email address
Mike Marcu 562 260 0940 [email protected]

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