Multifamily

650 Park Ave

650 Park Ave, Long Beach, CA 90814

Listing Price: $1,895,000

Cap Rate
3.92%
Number of Units
4
GRM
16.34
Occupancy
97.00%
Price/Unit
$473,750
Price/Gross SF
$694.39
Gross SF
2,729

Investment Overview

The King Group of Marcus and Millichap is pleased to present a completely turn-key 4 unit apartment building located at 650 Park Avenue in Long Beach, California. Built in 1922, the subject property consists of 2,729 rentable square feet spread throughout a 5,384 square foot lot. There is one studio unit and three 1 bedroom / 1 bathroom units. The subject property is also separately metered for gas and electricity which helps keep expenses to a minimum. There are two parking garages which can generate extra income for the owner. Owners enjoy the high demand for rentals in a coastal city of Southern California. Tenants enjoy living across the street from Recreation Park and in between the Traffic Circle and 2nd Street in Belmont shore where there are shops, restaurants, cafes, entertainment centers 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 $495 million Long Beach Courthouse was recently completed and opened in September 2013. Long Beach sustains its ability to attract renters due to its strong economy and quality of life. This is an excellent opportunity to acquire a quality asset in a high demand rental market with strong in place rents.

Investment Highlights

  • Beautiful Turn-Key Asset
  • Prime Alamitos Heights Location
  • Two Garages
  • Unique 1940s Construction
  • Strong Rents in Place

Exclusively Listed By

  • Kevin J. King

    Senior Managing Director Investments

    (562) 257-1246

    Email Kevin

    License(s): CA: 01158184

    Long Beach

  • Arnie Suttipreechanun

    Associate

    Email Arnie

    License(s): CA: 01904248

    Long Beach

Listing Price: $1,895,000

Cap Rate
3.92%
Number of Units
4
GRM
16.34
Occupancy
97.00%
Price/Unit
$473,750
Price/Gross SF
$694.39
Gross SF
2,729

Investment Highlights

  • Beautiful Turn-Key Asset
  • Prime Alamitos Heights Location
  • Two Garages
  • Unique 1940s Construction
  • Strong Rents in Place

Investment Overview

The King Group of Marcus and Millichap is pleased to present a completely turn-key 4 unit apartment building located at 650 Park Avenue in Long Beach, California. Built in 1922, the subject property consists of 2,729 rentable square feet spread throughout a 5,384 square foot lot. There is one studio unit and three 1 bedroom / 1 bathroom units. The subject property is also separately metered for gas and electricity which helps keep expenses to a minimum. There are two parking garages which can generate extra income for the owner. Owners enjoy the high demand for rentals in a coastal city of Southern California. Tenants enjoy living across the street from Recreation Park and in between the Traffic Circle and 2nd Street in Belmont shore where there are shops, restaurants, cafes, entertainment centers 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 $495 million Long Beach Courthouse was recently completed and opened in September 2013. Long Beach sustains its ability to attract renters due to its strong economy and quality of life. This is an excellent opportunity to acquire a quality asset in a high demand rental market with strong in place rents.

Exclusively Listed By

  • Kevin J. King

    Senior Managing Director Investments

    (562) 257-1246

    Email Kevin

    License(s): CA: 01158184

    Long Beach

  • Arnie Suttipreechanun

    Associate

    Email Arnie

    License(s): CA: 01904248

    Long Beach

MM Texture Background
MM Textured Background Lower