fbpx Skip to main content
search
← Back to Property Listings
Active

1464 Gardenia Ave, Long Beach

  • Totally remodeled turnkey 8 unit (6 + 2 brand new ADUs) property in a high demand rental area of Long Beach
  • Great unit mix with one 3 bed/1 bath unit, five 2 bed/1 bath units, and two brand new 1 bed/1 bath detached ADUs
  • High yield, low expense property at an in-place cap rate of 5.8% and a GRM of 11.15 with an additional 8% in upside to a market cap rate of 6.5% and a 10.30 GRM
  • Extensively renovated property including exterior refresh, new windows, main electrical panel, controlled access, low-water landscaping, common areas, and lighting
  • 5 out of 6 existing units upgraded with new vinyl flooring, new kitchens, bathrooms, paint, and lighting
  • Two brand new 1 bed/1 bath ADUs just completed at the rear of the property separated by a new turf courtyard.  ADUs include mini-split AC units, in-unit laundry hookups, open concept kitchen/living areas, stainless steel appliances, high grade cabinets, quartz countertops, and full sized bathrooms
  • Parking for 3-4 cars in the rear of the property

Property Details

  • Units: 8
  • Gross Rent Multiplier: 11.15
  • Cap Rate: 5.8

Download Offering Memorandum

Contact Listing Agent

Price

$2,250,000

Annual Income

$191,714

Annual NOI

$131,229

Annual Expense

$60,484

Rental Cost Details

# OF UNITS# OF BEDROOMS# OF BATHSACTUAL RENTTOTAL RENTPRO FORMATOTAL PRO FORMA
131$2,495$2,495$2,800$2,800
121$1,842$1,842$2,400$2,400
121$2,245$2,245$2,400$2,400
121$2,395$2,395$2,400$2,400
121$2,220$2,220$2,400$2,400
121$2,220$2,220$2,400$2,400
111$1,700$1,700$1,700$1,700
111$1,700$1,700$1,700$1,700
TOTAL # OF UNITSTOTAL # OF BEDROOMSTOTAL # OF BATHSGRAND TOTAL RENTGRAND TOTAL PRO FORMA
8158$16,817$18,200

Let’s Discuss This Property

Please fill out the form below and we’ll get back to you as soon as we can.

This field is for validation purposes and should be left unchanged.
Close Menu