Investment Overview

Marcus & Millichap is pleased to present to market 1043 Coronado Avenue, a 12-unit apartment building in Long Beach, California. Offered at a 5.79 percent cap rate on current rents, this offering is a great acquisition opportunity for an investor looking for strong in-place cash flow in Long Beach’s desirable Eastside rental market. Assumable financing is available. 1043 Coronado Avenue is a 1923 construction with 11 studios and one two-bed/one-bath unit; most units are single-story floor plans and all are separately metered for gas and electricity. The property also offers on-site laundry and five garages that generate additional income. This asset is located in Eastside Long Beach, a strong-performing rental submarket, one block west of Redondo Avenue and within easy walking distance of a Food4Less-anchored shopping center and several dining options. This location offers tenants convenient access to Belmont Shore, freeways, and Cal State Long Beach. 1043 Coronado Avenue is offered along with 1048 Coronado Avenue, an eight-unit property located across the street; properties must be acquired together. These assets are part of a Long Beach portfolio sale along with 716 Raymond Avenue, a 16-unit asset that may be acquired separately.