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935 N Washington Pl, Long Beach

  • 10 Units in two buildings in dense rental market just North of Downtown Long Beach
  • Recently renovated property including exterior refresh, landscaping, lighting, and windows
  • 8 out of 10 units have been upgraded with vinyl plank floors, new cabinets, quartz countertops, and new bathrooms
  • Well priced on actual income at 14.38X gross with a 9% upside to a market GRM of 13.22
  • Great unit mix of five 2 Bed/1 Bath units, three 1 Bed/1 Bath units, and two studios
  • Three garages in front of the building with the potential for an ADU conversion
  • Community laundry room for extra income
  • Leased solar system on back building for electrical savings
  • Perfect 1031 exchange upleg property

Property Details

  • Units: 10
  • Gross Rent Multiplier: 14.38
  • Cap Rate: 4.0%

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Contact Listing Agent

Price

$2,895,000

Annual Income

$196,553

Annual NOI

$114,754

Annual Expense

$76,772

Rental Cost Details

# OF UNITS# OF BEDROOMS# OF BATHSACTUAL RENTTOTAL RENTPRO FORMATOTAL PRO FORMA
121$1,770$1,770$1,900$1,900
121$1,800$1,800$1,900$1,900
122$1,770$1,770$2,000$2,000
122$1,699$1,699$2,000$2,000
101$1,295$1,295$1,550$1,550
101$1,550$1,550$1,550$1,550
111$1,550$1,550$1,650$1,650
111$1,550$1,550$1,650$1,650
111$1,550$1,550$1,650$1,650
111$1,844$1,844$2,000$2,000
TOTAL # OF UNITSTOTAL # OF BEDROOMSTOTAL # OF BATHSGRAND TOTAL RENTGRAND TOTAL PRO FORMA
101212$16,379$17,850

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