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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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$2,895,000
Annual Income
$196,553
Annual NOI
$114,754
Annual Expense
$76,772
Rental Cost Details
| # OF UNITS | # OF BEDROOMS | # OF BATHS | ACTUAL RENT | TOTAL RENT | PRO FORMA | TOTAL PRO FORMA |
| 1 | 2 | 1 | $1,770 | $1,770 | $1,900 | $1,900 |
| 1 | 2 | 1 | $1,800 | $1,800 | $1,900 | $1,900 |
| 1 | 2 | 2 | $1,770 | $1,770 | $2,000 | $2,000 |
| 1 | 2 | 2 | $1,699 | $1,699 | $2,000 | $2,000 |
| 1 | 0 | 1 | $1,295 | $1,295 | $1,550 | $1,550 |
| 1 | 0 | 1 | $1,550 | $1,550 | $1,550 | $1,550 |
| 1 | 1 | 1 | $1,550 | $1,550 | $1,650 | $1,650 |
| 1 | 1 | 1 | $1,550 | $1,550 | $1,650 | $1,650 |
| 1 | 1 | 1 | $1,550 | $1,550 | $1,650 | $1,650 |
| 1 | 1 | 1 | $1,844 | $1,844 | $2,000 | $2,000 |
| TOTAL # OF UNITS | TOTAL # OF BEDROOMS | TOTAL # OF BATHS | GRAND TOTAL RENT | GRAND TOTAL PRO FORMA | ||
| 10 | 12 | 12 | $16,379 | $17,850 |
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