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Multifamily

Bluff Park Multifamily Portfolio

3201 - 3207 E 2nd St, Long Beach, CA 90803

Listing Price: $9,400,000

Cap Rate
3.22%
Number of Units
37
GRM
16.27
Price/Unit
$254,054
Price/Gross SF
$549.19
Gross SF
17,116

Investment Overview

The Leeson Group of Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire the Bluff Park Multifamily Portfolio, a 2-property, 37-unit multifamily investment portfolio located in Long Beach, CA.

The Bluff Park Multifamily Portfolio offers a mix of studio and one-bedroom units featuring vinyl, tile, and carpet flooring, white appliances, ceiling fans, and walk-in closets. The portfolio also offers amenities including a spacious common area courtyard and on-site laundry facilities. A new owner has the opportunity to substantially increase rental income through the modernization of unit interiors. Through this renovation plan, new ownership will elevate the property to a higher standard of living and will receive a significant increase in monthly rental income.

The portfolio’s exceptional Bluff Park location places residents within walking distance to an abundance of area amenities including Long Beach City Beach, Bluff Park, Belmont Veterans Memorial Pier, and more. Residents enjoy the properties’ prime location, adjacent to East Broadway, providing easy access to local boutiques and restaurants. Additionally, the portfolio is situated just over 0.75 miles from Retro Row, providing residents with easy access to some of Long Beach’s most unique and vibrant shops and restaurants (see offering memorandum). Furthermore, the portfolio is just within 1 mile of the abundance of retail, dining, and entertainment options at Belmont Shore’s 2nd Street (see offering memorandum).

The portfolio’s ideal Long Beach location surrounded by neighborhoods offering a wide variety of outdoor activities as well as employment, transportation, and retail amenities is a primary draw for potential renters. This overall demand for well-located rental units will be a key driver in the continued growth and success at the Bluff Park Multifamily Portfolio.

Investment Highlights

  • Unparalleled Location Within the Bluff Park Neighborhood
  • Offers a Mix of Studio & One-Bedroom Floor Plans
  • 37 Multifamily Units Situated on Two Adjacent Parcels
  • Units Feature Vinyl, Tile, & Carpet Flooring, White Appliances, Ceiling Fans, & Walk-In Closets
  • Common Area Amenities Include a Spacious Courtyard & On-Site Laundry Facilities
  • Each Unit at 202 Obispo Avenue Features a Designated Water Heater
  • Within Walking Distance to Long Beach City Beach & Bluff Park
  • Just Over 0.75 Miles from Retro Row, a Lively Corridor of Long Beach's Most Unique & Vibrant Shops & Restaurants

Exclusively Listed By

Financing By

Multifamily

Bluff Park Multifamily Portfolio

Listing Price: $9,400,000

Cap Rate
3.22%
Number of Units
37
GRM
16.27
Price/Unit
$254,054
Price/Gross SF
$549.19
Gross SF
17,116

Investment Highlights

  • Unparalleled Location Within the Bluff Park Neighborhood
  • Offers a Mix of Studio & One-Bedroom Floor Plans
  • 37 Multifamily Units Situated on Two Adjacent Parcels
  • Units Feature Vinyl, Tile, & Carpet Flooring, White Appliances, Ceiling Fans, & Walk-In Closets
  • Common Area Amenities Include a Spacious Courtyard & On-Site Laundry Facilities
  • Each Unit at 202 Obispo Avenue Features a Designated Water Heater
  • Within Walking Distance to Long Beach City Beach & Bluff Park
  • Just Over 0.75 Miles from Retro Row, a Lively Corridor of Long Beach's Most Unique & Vibrant Shops & Restaurants

Investment Overview

The Leeson Group of Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire the Bluff Park Multifamily Portfolio, a 2-property, 37-unit multifamily investment portfolio located in Long Beach, CA. The Bluff Park Multifamily Portfolio offers a mix of studio and one-bedroom units featuring vinyl, tile, and carpet flooring, white appliances, ceiling fans, and walk-in closets. The portfolio also offers amenities including a spacious common area courtyard and on-site laundry facilities. A new owner has the opportunity to substantially increase rental income through the modernization of unit interiors. Through this renovation plan, new ownership will elevate the property to a higher standard of living and will receive a significant increase in monthly rental income. The portfolio’s exceptional Bluff Park location places residents within walking distance to an abundance of area amenities including Long Beach City Beach, Bluff Park, Belmont Veterans Memorial Pier, and more. Residents enjoy the properties’ prime location, adjacent to East Broadway, providing easy access to local boutiques and restaurants. Additionally, the portfolio is situated just over 0.75 miles from Retro Row, providing residents with easy access to some of Long Beach’s most unique and vibrant shops and restaurants (see offering memorandum). Furthermore, the portfolio is just within 1 mile of the abundance of retail, dining, and entertainment options at Belmont Shore’s 2nd Street (see offering memorandum). The portfolio’s ideal Long Beach location surrounded by neighborhoods offering a wide variety of outdoor activities as well as employment, transportation, and retail amenities is a primary draw for potential renters. This overall demand for well-located rental units will be a key driver in the continued growth and success at the Bluff Park Multifamily Portfolio.

Exclusively Listed By

Financing By

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