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Multifamily

143-Unit South Bay & Long Beach Multifamily Portfolio

1135 Martin Luther King Jr Ave, Long Beach, CA 90813

Listing Price: $4,999,000

Cap Rate
4.88%
Number of Units
18
Price/Unit
$277,722
Price/Gross SF
$369.31
Gross SF
13,536

Investment Overview

Marcus & Millichap is pleased to present to market 1135 Martin Luther King Jr. Avenue, an 18-unit apartment building in Long Beach, California. The building is a 1964 construction with all two-bedroom units, nine single-car garages, on-site laundry, and numerous recent upgrades. 1135 Martin Luther King Jr. Avenue is offered as part of a $39,795,000 portfolio of five buildings ranging from 18 to 44 units in locations that stretch from Hawthorne to Long Beach. The portfolio is offered at a combined cap rate of 5.01 percent, and properties may be acquired separately or together.

Investment Highlights

  • Courtyard-Style Building With 18 Two-Bed/One-Bath Units
  • Located Just Over a Mile From the Beach and Proximate to Rapidly Growing and Revitalizing Downtown Long Beach
  • Solid In-Place Rents and Six Percent Potential Upside
  • WalkScore: 90
  • Recent Improvements: New Laundry Room With New Water Heater, Plumbing Upgrades, New Stair Railings, Deck Improvements, Plumbing Upgrades, New Appliances, Flooring, Paint, and Reglazed Tubs/Sinks in Select Units
  • Part of a $39,795,000 Portfolio of Five Buildings Ranging From 18 to 44 Units in Locations That Stretch From Hawthorne to Long Beach | Properties May Be Acquired Separately or Together

Exclusively Listed By

Multifamily

143-Unit South Bay & Long Beach Multifamily Portfolio

Listing Price: $4,999,000

Cap Rate
4.88%
Number of Units
18
Price/Unit
$277,722
Price/Gross SF
$369.31
Gross SF
13,536

Investment Highlights

  • Courtyard-Style Building With 18 Two-Bed/One-Bath Units
  • Located Just Over a Mile From the Beach and Proximate to Rapidly Growing and Revitalizing Downtown Long Beach
  • Solid In-Place Rents and Six Percent Potential Upside
  • WalkScore: 90
  • Recent Improvements: New Laundry Room With New Water Heater, Plumbing Upgrades, New Stair Railings, Deck Improvements, Plumbing Upgrades, New Appliances, Flooring, Paint, and Reglazed Tubs/Sinks in Select Units
  • Part of a $39,795,000 Portfolio of Five Buildings Ranging From 18 to 44 Units in Locations That Stretch From Hawthorne to Long Beach | Properties May Be Acquired Separately or Together

Investment Overview

Marcus & Millichap is pleased to present to market 1135 Martin Luther King Jr. Avenue, an 18-unit apartment building in Long Beach, California. The building is a 1964 construction with all two-bedroom units, nine single-car garages, on-site laundry, and numerous recent upgrades. 1135 Martin Luther King Jr. Avenue is offered as part of a $39,795,000 portfolio of five buildings ranging from 18 to 44 units in locations that stretch from Hawthorne to Long Beach. The portfolio is offered at a combined cap rate of 5.01 percent, and properties may be acquired separately or together.

Exclusively Listed By

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