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Multifamily

Casa Del Patio

2055 E 3rd St, Long Beach, CA 90814

Listing Price: $5,450,000

Cap Rate
4.11%
Number of Units
13
GRM
17.29
Occupancy
97.0%
Price/Unit
$419,231
Price/Gross SF
$586.91
Gross SF
9,286

Investment Overview

Marcus & Millichap is pleased to present a 13-unit multifamily property. Built in 1927, this structure has charm in the popular Belmont Heights neighborhood of Long Beach, California. The structure has two stories and has been very well kept. Consisting of (6) studio / one-bathroom units and (7) one-bedroom/ one-bathroom units, the subject property consists of 8,126 rentable square feet spread throughout a 9,226 square foot lot. Owners enjoy the high demand for rentals in a coastal city of Southern California. Tenants enjoy living a short distance to local beaches, California State University of Long Beach, as well as shopping, restaurants and nightlife in Downtown Long Beach and Belmont Shore.
The city of Long Beach continues to progress forwards and is currently experiencing major redevelopment of $2.2 billion. An example of this largescale redevelopment is the Long Beach Civic Center, which is estimated to be completed early 2019. The Civic Center will include a new city hall and the Port of Long Beach headquarters, as well as multifamily residential units. Long Beach sustains its ability to attract renters due to its strong economy and high quality of life.

Investment Highlights

  • Located in a Great Rental Market
  • Excellent Unit Mix
  • True Pride of Ownership Opportunity - Very Well Maintained
  • Charming Features

Exclusively Listed By

Listing Price: $5,450,000

Cap Rate
4.11%
Number of Units
13
GRM
17.29
Occupancy
97.0%
Price/Unit
$419,231
Price/Gross SF
$586.91
Gross SF
9,286

Investment Highlights

  • Located in a Great Rental Market
  • Excellent Unit Mix
  • True Pride of Ownership Opportunity - Very Well Maintained
  • Charming Features

Investment Overview

Marcus & Millichap is pleased to present a 13-unit multifamily property. Built in 1927, this structure has charm in the popular Belmont Heights neighborhood of Long Beach, California. The structure has two stories and has been very well kept. Consisting of (6) studio / one-bathroom units and (7) one-bedroom/ one-bathroom units, the subject property consists of 8,126 rentable square feet spread throughout a 9,226 square foot lot. Owners enjoy the high demand for rentals in a coastal city of Southern California. Tenants enjoy living a short distance to local beaches, California State University of Long Beach, as well as shopping, restaurants and nightlife in Downtown Long Beach and Belmont Shore.
The city of Long Beach continues to progress forwards and is currently experiencing major redevelopment of $2.2 billion. An example of this largescale redevelopment is the Long Beach Civic Center, which is estimated to be completed early 2019. The Civic Center will include a new city hall and the Port of Long Beach headquarters, as well as multifamily residential units. Long Beach sustains its ability to attract renters due to its strong economy and high quality of life.

Exclusively Listed By

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