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781 Termino Ave, Long Beach

  • Beautiful, huge Spanish style 6 unit property only steps from Belmont Heights!
  • Extensively renovated property including water free turf landscaping, all new electrical mains and subpanels, new wiring and plumbing in front building, and new exterior paint.
  • 4 enormous two bedroom, one bathroom units in front of over 1000 square feet each with open concept living rooms, dining areas, large kitchens, dishwashers, in unit laundry, and plenty of storage.
  • Attractive central courtyard for shared outdoor space. 2 one bedroom, one bathroom units above 5 garages and laundry room at the rear of the property.
  • Interior renovations for 2 bed units include refinished original hardwood floors, vinyl flooring in kitchens, new cabinets, countertops, stainless steel appliances, new dual vanities in restrooms, floor tile, tub surrounds, and lighting.
  • Very well priced on actual income at an in-place cap rate of 4.2% and 14.9X GRM.
  • Spanish style retro character throughout the property with domed high ceilings, curved archways, original built-ins in rear units, and exterior detail.
  • Potential to convert garages into two ADUs for additional income and value (buyer to verify).
  • Incredible Belmont Heights adjacent location only a few blocks to second street, the Colorado Lagoon, and Rec Park.
  • Long Beach Green belt access from directly in front of the property for an easy bike to the beach, restaurants, and bars.
  • Conveniently located next to Wilson High School, Jefferson Middle School, and Cal State Long Beach.

Property Details

  • Units: 6
  • Gross Rent Multiplier: 14.9
  • Cap Rate: 4.18

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Price

$2,450,000

Annual Income

$163,968

Annual NOI

$102,345

Annual Expense

$53,515

Rental Cost Details

# OF UNITS# OF BEDROOMS# OF BATHSACTUAL RENTTOTAL RENTPRO FORMATOTAL PRO FORMA
121$2,475$2,475$2,700$2,700
121$2,695$2,695$2,700$2,700
121$2,645$2,645$2,700$2,700
121$2,350$2,350$2,700$2,700
111$1,695$1,695$1,850$1,850
111$1,804$1,804$1,850$1,850
TOTAL # OF UNITSTOTAL # OF BEDROOMSTOTAL # OF BATHSGRAND TOTAL RENTGRAND TOTAL PRO FORMA
6106$13,664$14,500

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