573 Nebraska Ave, Long Beach
Huge 1960’s construction 4 unit in 5 blocks to the beach with all townhome style units. Extra large owner’s unit currently configured as 2 beds and 2 baths, but originally 3 beds with primary suites. Three other large two story 2 bedroom units, one with 1 bath, and two with 2 baths. 2 out of 4 units recently remodeled with vinyl floors, new kitchens, and bathrooms. Large lot with 5 garages spaces plus extra square footage in the rear. Very attractive metrics at $291/square foot, 12.3X GRM on actuals with a significant 16% upside to 10.5X GRM and a market cap rate of 5.8%. Ideal location in the heart of Alamitos Beach only 5 blocks to the sand. 3 blocks from Downtown Long Beach’s East Village Arts District with numerous restaurants, retail, and entertainment options. Over $8 Billion in new development in the immediate vicinity. 63% of households within 5 miles are renters with an average household income of $98,000+ (per CoStar research).
Property Details
- Units: 4
- Gross Rent Multiplier: 12.28
- Cap Rate: 4.7
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$1,395,000
Annual Income
$113,604
Annual NOI
$65,214
Annual Expense
$42,710
Rental Cost Details
| # OF UNITS | # OF BEDROOMS | # OF BATHS | ACTUAL RENT | TOTAL RENT | PRO FORMA | TOTAL PRO FORMA |
| 1 | 2 | 2 | $2,217 | $2,217 | $2,800 | $2,800 |
| 1 | 2 | 1 | $2,395 | $2,395 | $2,500 | $2,500 |
| 1 | 2 | 2 | $2,268 | $2,268 | $2,600 | $2,600 |
| 1 | 2 | 2 | $2,587 | $2,587 | $2,600 | $2,600 |
| TOTAL # OF UNITS | TOTAL # OF BEDROOMS | TOTAL # OF BATHS | GRAND TOTAL RENT | GRAND TOTAL PRO FORMA | ||
| 4 | 8 | 7 | $9,467 | $10,500 |
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