717 E 8th St, Long Beach

High income totally updated 4 unit property in Downtown Long Beach with a 4 bed, .5 bath front house full of character plus three 1 bed, 1 bath units in the rear. All units recently updated, newer roof, replaced stairs, landscaping and exterior refresh completed. Very well priced on income at 11.27X GRM on actuals and a 5.7% cap rate with upside to 10.74X GRM and a 5.7% cap rate on market rents. 2 garages in rear structure plus driveway parking for 3 cars by the front house. Potential for ADU conversion in rear garages. Separately metered for gas and electric, allowing a low expense building.

Property Details

Units: 4
Gross Rent Multiplier: 11.27
Cap Rate: 5.7

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Price

$1,095,000

Annual Income

$97,200

Annual NOI

$62,862

Annual Expense

$29,479

Rental Cost Details

# OF UNITS	# OF BEDROOMS	# OF BATHS	ACTUAL RENT	TOTAL RENT	PRO FORMA	TOTAL PRO FORMA
1	1	1	$1,645	$1,645	$1,600	$1,600
1	1	1	$1,500	$1,500	$1,600	$1,600
1	1	1	$1,550	$1,550	$1,600	$1,600
1	4	3	$3,450	$3,450	$3,500	$3,500
TOTAL # OF UNITS	TOTAL # OF BEDROOMS	TOTAL # OF BATHS		GRAND TOTAL RENT		GRAND TOTAL PRO FORMA
4	7	6		$8,145		$8,300

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