1958 Pine Ave, Long Beach
Priced to sell! This well-performing 10-unit building is located in the South Wrigley neighborhood of Long Beach. The rear garages were converted to 2 brand-new 1BD/1BA ADU’s at 485 square feet each. Priced with very high in-place cash flow at close with actual rents resulting in an 8.85X GRM and 7.3% cap rate. New electrical meters and main installed. This 1950’s built property is located about 1.5 miles from Downtown Long Beach, and less than a mile to the 710 freeway, making this a strong rental location for tenants and investors. Tenants can utilize the nearby Metro Line, shopping centers, medical facilities, schools, and dining. Don’t miss out on this incredible opportunity! Available for sale with neighboring property, 1952 Pine. Offering memorandum in supplemental materials.
Property Details
- Units: 10
- Gross Rent Multiplier: 8.85
- Cap Rate: 7.3
Download Offering Memorandum
Contact Listing AgentPrice
$2,030,000
Annual Income
$228,060
Annual NOI
$147,607
Annual Expense
$70,490
Rental Cost Details
| # OF UNITS | # OF BEDROOMS | # OF BATHS | ACTUAL RENT | TOTAL RENT | PRO FORMA | TOTAL PRO FORMA |
| 1 | 1 | 1 | $1,745 | $1,745 | $1,815 | $1,815 |
| 1 | 2 | 1 | $2,004 | $2,004 | $2,200 | $2,200 |
| TOTAL # OF UNITS | TOTAL # OF BEDROOMS | TOTAL # OF BATHS | GRAND TOTAL RENT | GRAND TOTAL PRO FORMA | ||
| 2 | 3 | 2 | $3,749 | $4,015 |
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