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362 E Louise St, Long Beach
- 12 Units near development projects and zoning changes in North Long Beach
- Great unit mix – (8) 2 bed, 1 bath & (4) 1 bed, 1 bath on a massive 12,000 sqft lot
- Interior renovations to some units, maintaining room for value-add
- Recent new roof on the entirety of the property
- Well known developers, LAB Holding, best known for the Anaheim Packing District and The LAB Anti Mall, are permitted to build “The Beat” on nearby Atlantic Avenue
- Additional development plans by nationally renowned developers approved throughout the North Long Beach Area
- Dense rental market with low vacancy throughout the area
- GRM on current rents of 14.72X, Cap Rate on current rents of 4.2% – over 13% upside in market rents
- There is additional income available to the buyer through garage and laundry fees
Property Details
- Units: 12
- Gross Rent Multiplier: 14.72
- Cap Rate: 4.2
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Contact Listing AgentPrice
$3,500,000
Annual Income
$237,756
Annual NOI
$147,671
Annual Expense
$82,952
Rental Cost Details
| # OF UNITS | # OF BEDROOMS | # OF BATHS | ACTUAL RENT | TOTAL RENT | PRO FORMA | TOTAL PRO FORMA |
| 4 | 1 | 1 | $1,521 | $6,084 | $1,600 | $6,400 |
| 8 | 2 | 1 | $1,715 | $13,720 | $2,000 | $16,000 |
| TOTAL # OF UNITS | TOTAL # OF BEDROOMS | TOTAL # OF BATHS | GRAND TOTAL RENT | GRAND TOTAL PRO FORMA | ||
| 12 | 3 | 2 | $19,804 | $22,400 |
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