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Excellent Investment Property Near Redeveloping Downtown

Incredible seven-unit apartment building located between Atlantic and Alamitos avenues, just north of rapidly developing downtown. This area is a majority-renter market, with over 83% of housing units renter-occupied.

720 East 8th St consists of one buliding with one three-bedroom/one-bath and six one-bedroom/one-bath units. The units are separately metered for gas and electricity, and some units have been renovated with wood and tile flooring, granite countertops, new ceiling fans, and more. The property also features secure access, on-site laundry, and a rear structure with a single-car garage.

This offering presents and excellent opportunity for an investor to acquire a partially renovated asset in a strong rental market and capture potential upside in rents.

Property Details

  • Units: 7
  • Gross Rent Multiplier: 13.22
  • Cap Rate: 4.89%
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Price

$1,525,000

Annual Income

$111,901

Annual NOI

$73,178

Annual Expense

$38,723

Rental Cost Details

# OF UNITS# OF BEDROOMS# OF BATHSACTUAL RENTTOTAL RENTPRO FORMATOTAL PRO FORMA
611$1,267$7,602$1,395$8,370
131$1,825$1,825$2,050$2,050
TOTAL # OF UNITSTOTAL # OF BEDROOMSTOTAL # OF BATHSGRAND TOTAL RENTGRAND TOTAL PRO FORMA
742$9,427$10,420

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