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290 W 19th St, Long Beach
| This charming 3-unit property in the desirable South Wrigley neighborhood features one 2-bedroom unit and two 1-bedroom units. Ideally situated less than one mile from the 710 Freeway, under two miles from the 405, and just two miles north of the beach, the building sits on a picturesque, tree-lined residential street. Priced at a 15.33 GRM, the property offers approximately 10% income growth potential to reach a market GRM of 13.6. The 2-bedroom unit has no shared walls, includes a 1-car garage with laundry, and features a spacious private back patio. Each 1-bedroom unit shares only one wall and comes with a dedicated laundry/storage room with a separate entrance. Individual electric and gas meters for each unit reduce owner expenses. Located in an opportunity zone, this property presents both immediate value and future growth potential. All units have double paned windows, new heaters, and have been earthquake retrofitted. The plumbing in the 1 Bed units was replaced in 2019. |
Property Details
- Units: 3
- Gross Rent Multiplier: 15.33
- Cap Rate: 3.4
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$875,000
Annual Income
$57,072
Annual NOI
$29,717
Annual Expense
$24,502
Rental Cost Details
| # OF UNITS | # OF BEDROOMS | # OF BATHS | ACTUAL RENT | TOTAL RENT | PRO FORMA | TOTAL PRO FORMA |
| 1 | 2 | 1 | $2,025 | $2,025 | $2,050 | $2,050 |
| 1 | 1 | 1 | $1,245 | $1,245 | $1,600 | $1,600 |
| 1 | 1 | 1 | $1,486 | $1,486 | $1,600 | $1,600 |
| TOTAL # OF UNITS | TOTAL # OF BEDROOMS | TOTAL # OF BATHS | GRAND TOTAL RENT | GRAND TOTAL PRO FORMA | ||
| 3 | 4 | 3 | $4,756 | $5,250 |
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