Multifamily

4500 N Lakewood Blvd

Listing Price: $3,995,000

Cap Rate
4.28%
Number of Units
13
GRM
15.38
Occupancy
97.00%
Price/Unit
$307,308
Price/Gross SF
$516.02
Gross SF
7,742

Investment Overview

The King Group of Marcus & Millichap is pleased to present a 13-unit apartment building located in Long Beach, California. Built in 1962, the subject property consists of 7,742 rentable square feet spread throughout a 7,313 square foot lot. The unit mix consists ten 1-bedroom / 1-bathroom units and three 2-bedroom / 1 bathroom units. It has a pitched roof and contains nine garages. Owners enjoy the high demand for rentals in a coastal city of Southern California. Tenants enjoy living between Bixby Knolls and Lakewood where there are many shops, restaurants, cafes, entertainment venues and grocery
stores.
The city of Long Beach continues to progress forward and is currently experiencing major redevelopment. The Long Beach port is undergoing $4.4 billion in future redevelopment that will create 14,000 new and permanent jobs in Southern California. The city is undergoing a building boom with more than $5 billion in private and public investments started in 2018 and more expected this year. The new $520 million Long Beach Civic Center development will house a new City Hall, Port of Long Beach headquarters and the Main Library. Long Beach sustains its ability to attract renters due to its strong economy and quality of life.

Investment Highlights

  • GREAT RENTAL MARKET
  • LOCATED IN ONE OF THE MOST DESIRABLE AREAS OF LONG BEACH
  • WALKING DISTANCE TO SHOPS, DINERS, ENTERTAINMENT, GROCERY STORES & MAJOR ATTRACTIONS
  • SEPARATELY METERED FOR GAS AND ELECTRICITY WITH SEPARATE WATER HEATERS FOR EACH UNIT
  • GREAT UNIT MIX OF ONE BEDROOM AND TWO BEDROOM UNITS
  • 9 GARAGES

Exclusively Listed By

Listing Price: $3,995,000

Cap Rate
4.28%
Number of Units
13
GRM
15.38
Occupancy
97.00%
Price/Unit
$307,308
Price/Gross SF
$516.02
Gross SF
7,742

Investment Highlights

  • GREAT RENTAL MARKET
  • LOCATED IN ONE OF THE MOST DESIRABLE AREAS OF LONG BEACH
  • WALKING DISTANCE TO SHOPS, DINERS, ENTERTAINMENT, GROCERY STORES & MAJOR ATTRACTIONS
  • SEPARATELY METERED FOR GAS AND ELECTRICITY WITH SEPARATE WATER HEATERS FOR EACH UNIT
  • GREAT UNIT MIX OF ONE BEDROOM AND TWO BEDROOM UNITS
  • 9 GARAGES

Investment Overview

The King Group of Marcus & Millichap is pleased to present a 13-unit apartment building located in Long Beach, California. Built in 1962, the subject property consists of 7,742 rentable square feet spread throughout a 7,313 square foot lot. The unit mix consists ten 1-bedroom / 1-bathroom units and three 2-bedroom / 1 bathroom units. It has a pitched roof and contains nine garages. Owners enjoy the high demand for rentals in a coastal city of Southern California. Tenants enjoy living between Bixby Knolls and Lakewood where there are many shops, restaurants, cafes, entertainment venues and grocery
stores.
The city of Long Beach continues to progress forward and is currently experiencing major redevelopment. The Long Beach port is undergoing $4.4 billion in future redevelopment that will create 14,000 new and permanent jobs in Southern California. The city is undergoing a building boom with more than $5 billion in private and public investments started in 2018 and more expected this year. The new $520 million Long Beach Civic Center development will house a new City Hall, Port of Long Beach headquarters and the Main Library. Long Beach sustains its ability to attract renters due to its strong economy and quality of life.

Exclusively Listed By

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