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405 E Esther St, Long Beach

  • High yield 7-unit apartment building half a block to a blue line station and steps to numerous new developments
  • Great unit mix of one 6 Bed/2 Bath unit, three 3 Bed/1 Bath units, one 2 Bed/1 Bath units, one 1 Bed/1 Bath, and one studio
  • Exterior refresh just completed and 5 out of 7 units remodeled
  • Super strong income at 12.59X gross on actuals with a 6% upside to market GRM of 11.81X and a 5.5% market cap rate
  • Qualifies for 75% LTV financing at historically low interest rates
  • Off-street parking for 4-5 cars
  • Just North of Downtown Long Beach
  • Blue lines serves both Downtown Los Angeles and Long Beach
  • Blocks away from elementary, middle, and high schools

Property Details

  • Units: 6
  • Gross Rent Multiplier: 12.59
  • Cap Rate: 5.1%

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Price

$1,850,000

Annual Income

$139,593

Annual NOI

$94,498

Annual Expense

$45,095

Rental Cost Details

# OF UNITS# OF BEDROOMS# OF BATHSACTUAL RENTTOTAL RENTPRO FORMATOTAL PRO FORMA
131$1,900$1,900$1,900$1,900
162$3,300$3,300$3,300$3,300
131$1,800$1,800$1,850$1,850
121$1,100$1,100$1,550$1,550
131$1,950$1,950$1,950$1,950
111$1,100$1,100$1,350$1,350
101$1,095$1,095$1,150$1,150
TOTAL # OF UNITSTOTAL # OF BEDROOMSTOTAL # OF BATHSGRAND TOTAL RENTGRAND TOTAL PRO FORMA
7188$12,245$13,050

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