1075 Obispo Ave, Long Beach 90804
- Totally remodeled fully occupied turnkey 9-unit apartment building
- $200K spent on building improvements, exterior refreshed with new paint, new security screen doors, new lighting, landscaping, and fence
- 100% of unit interiors upgraded including quartz counters, waterproof vinyl plank floors, stainless appliances, new cabinets, new bathrooms, and new lighting
- Perfect unit mix of nine 2 bed/1 bath apartments
- 4 garages plus 4 off-street parking spaces
- Full stabilized building with strong in-place rents at 14.3X GRM and a 4.5% cap rate
- Perfect 1031 exchange upleg property
- Excellent Eastside/Zaferia location, within blocks of restaurants, bars, and design district
- Close to Cal State Long Beach, Traffic Circle, Belmont Heights, and the beach
- Walk Score of 94, Transit Score of 44
current
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PRICE
$2,895,000
ANNUAL INCOME
$192,120
ANNUAL NOI
$128,996
ANNUAL EXPENSE
$63,125
Rental Cost Details
| # OF UNITS | # OF BEDROOMS | # OF BATHS | ACTUAL RENT | TOTAL RENT | PRO FORMA | TOTAL PRO FORMA |
| 8 | 2 | 1 | $1,850 | $14,800 | $1,950 | $15,600 |
| 1 | 2 | 1 | $1,600 | $1,600 | $1,950 | $1,950 |
| TOTAL # OF UNITS | TOTAL # OF BEDROOMS | TOTAL # OF BATHS | GRAND TOTAL RENT | GRAND TOTAL PRO FORMA | ||
| 9 | 4 | 2 | $16,400 | $17,550 |