1123 Ohio Ave, Long Beach
Perfectly located huge 1972 built Eastside Triplex with 100% large two story 3 bed, 1.5 bath townhome style units. Exterior refresh just completed plus all three units renovated since 2023 with new floors, finishes, and in-unit laundry. Huge parking lot in rear with parking for 7 cars. Excellent metrics at 12.6X GRM on actuals and a 5.2% in place cap rate with upside to an 11.7X GRM and cap rate of 5.7% at market rents. Quiet residential location in the Zaferia neighborhood only 2 blocks from the design district. One block from the historic Rose Park neighborhood. Just minutes from Cal State Long Beach, Traffic Circle retail, and the beach.
Property Details
- Units: 3
- Gross Rent Multiplier: 12.6
- Cap Rate: 5.2
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$1,490,000
Annual Income
$114,420
Annual NOI
$76,780
Annual Expense
$35,531
Rental Cost Details
| # OF UNITS | # OF BEDROOMS | # OF BATHS | ACTUAL RENT | TOTAL RENT | PRO FORMA | TOTAL PRO FORMA |
| 1 | 3 | 2 | $3,170 | $3,170 | $3,300 | $3,300 |
| 1 | 3 | 2 | $3,270 | $3,270 | $3,300 | $3,300 |
| 1 | 3 | 2 | $3,095 | $3,095 | $3,300 | $3,300 |
| TOTAL # OF UNITS | TOTAL # OF BEDROOMS | TOTAL # OF BATHS | GRAND TOTAL RENT | GRAND TOTAL PRO FORMA | ||
| 3 | 9 | 6 | $9,535 | $9,900 |
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