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1216 E Florida St, Long Beach

Huge Residential Compound located within the highly sought after neighborhood of Alamitos Beach! Here is your chance to own three freestanding buildings on a massive lot of almost 10,000 sqft, blocks away from the sandy beach! This large 4-unit asset consists of two single family homes (each with their own garages and private yard space) and a duplex, totaling almost 4,000 sqft of rentable space with plenty of parking. Live in one and rent the others, add more units by converting the garages into ADUs, short-term rentals blocks away from the ocean – the opportunities are endless!

  • Two single family homes and a duplex situated on a 9,929 square foot lot, just half a mile from the beach
  • All units are separately metered for gas and electric
  • Savvy investors may consider a TIC conversion to separate each of the properties to be sold off individually
  • Current configuration can possibly accommodate 2 ADUs on the property to generate even more income
  • Owner occupants can enjoy rental income from the 3 other units to supplement mortgage payments
  • Great opportunity for investors anticipating the 2028 Olympic events, rowing, handball, BMX, canoeing, water polo and open-water swimming, taking place in Long Beach

Property Details

  • Units: 4
  • Gross Rent Multiplier: 12.34
  • Cap Rate: 5.2

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Price

$1,850,000

Annual Income

$143,873

Annual NOI

$96,993

Annual Expense

$46,880

Rental Cost Details

# OF UNITS# OF BEDROOMS# OF BATHSACTUAL RENTTOTAL RENTPRO FORMATOTAL PRO FORMA
142$4,000$4,000$4,000$4,000
143$2,745$2,745$2,746$2,746
142$2,745$2,745$2,746$2,746
122$3,000$3,000$3,000$3,000
TOTAL # OF UNITSTOTAL # OF BEDROOMSTOTAL # OF BATHSGRAND TOTAL RENTGRAND TOTAL PRO FORMA
4149$12,490$12,492

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