8 Units in Wrigley Neighborhood, Long Beach
Recently Closed!
I am happy to announce that my client just closed escrow on this beautiful Spanish style 8-Unit in the Wrigley neighborhood of Long Beach. The property features (4) 1bed/1bath units and (4) studios. There is also a laundry room with coin operated machines and 8 garages onsite which can be rented to produce extra income. Current rents are low (42% below market price) which gives the new owner the opportunity to reposition the building improving the cash flow and forcing some appreciation.
– Cody Charnell
Unit Current Market
1bd/1ba $1450 $1495
1bd/1ba $600 $1495
1bd/1ba $1135 $1495
1bd/1ba $1050 $1495
Studio $885 $1195
Studio $905 $1195
Studio $905 $1195
Studio $905 $1195
Garage (8) $400
Total $7835 $11,160
Annual $94,020 $133,920
Current GRM: 15.45
Market GRM: 10.9
Price
$1,453,000
Annual Income
$94,020
Annual NOI
$61,113
Annual Expense
$32,907
Rental Cost Details
| # OF UNITS | # OF BEDROOMS | # OF BATHS | ACTUAL RENT | TOTAL RENT | PRO FORMA | TOTAL PRO FORMA |
| 1 | 1 | 1 | $1,450 | $1,450 | $1,495 | $1,495 |
| 1 | 1 | 1 | $600 | $600 | $1,495 | $1,495 |
| 1 | 1 | 1 | $1,135 | $1,135 | $1,495 | $1,495 |
| 1 | 1 | 1 | $1,050 | $1,050 | $1,495 | $1,495 |
| 1 | 0 | 1 | $885 | $885 | $1,195 | $1,195 |
| 1 | 0 | 1 | $905 | $905 | $1,195 | $1,195 |
| 1 | 0 | 1 | $905 | $905 | $1,195 | $1,195 |
| 1 | 0 | 1 | $905 | $905 | $1,195 | $1,195 |
| $0 | $0 | $400 | $0 | |||
| TOTAL # OF UNITS | TOTAL # OF BEDROOMS | TOTAL # OF BATHS | GRAND TOTAL RENT | GRAND TOTAL PRO FORMA | ||
| 8 | 4 | 8 | $7,835 | $10,760 |
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