1464 Gardenia Ave, Long Beach
Significant Price reduction!!! Totally remodeled, turnkey 8-unit (6+2 brand new ADU’s) 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 ADU’s. High yield, low expense property at an in-place cap rate of 6.2% and a GRM of 10.61 with an additional 4% in upside to a market cap rate of 6.6% and a 10.13 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: 10.6
- Cap Rate: 6.2%
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$2,150,000
Annual Income
$200,460
Annual NOI
$132,842
Annual Expense
$59,695
Rental Cost Details
| # OF UNITS | # OF BEDROOMS | # OF BATHS | ACTUAL RENT | TOTAL RENT | PRO FORMA | TOTAL PRO FORMA |
| 1 | 3 | 1 | $2,295 | $2,295 | $2,395 | $2,395 |
| 1 | 2 | 1 | $2,095 | $2,095 | $2,250 | $2,250 |
| 1 | 2 | 1 | $2,215 | $2,215 | $2,250 | $2,250 |
| 1 | 3 | 1 | $2,395 | $2,395 | $2,395 | $2,395 |
| 1 | 2 | 1 | $2,220 | $2,220 | $2,250 | $2,250 |
| 1 | 2 | 1 | $1,995 | $1,995 | $2,250 | $2,250 |
| 1 | 1 | 1 | $1,695 | $1,695 | $1,795 | $1,795 |
| 1 | 1 | 1 | $1,795 | $1,795 | $1,795 | $1,795 |
| TOTAL # OF UNITS | TOTAL # OF BEDROOMS | TOTAL # OF BATHS | GRAND TOTAL RENT | GRAND TOTAL PRO FORMA | ||
| 8 | 16 | 8 | $16,705 | $17,380 |
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