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Multifamily

1241 E 15th St

1241 E 15th St, Long Beach, CA 90813

Listing Price: $2,195,000

Cap Rate
4.51%
Number of Units
7
Price/Unit
$313,571

Investment Overview

Marcus & Millichap is pleased to present a 7-unit multifamily property. Built in 1958, the subject property, consists of 5,340 rentable square feet spread throughout a 10,055 square foot lot. The building consists of six 2-bedroom / 1-bathroom units and one 3-bedroom / 1-bathroom unit. It contains ample on-sit parking behind a long-gated driveway. Tenants enjoy living in the Macarthur Park Neighborhood Northeast of Downtown Long Beach, a short distance to local beaches, California State University of Long Beach, as well as shopping, restaurants, and nightlife. 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 in various stages of development. 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

  • Value Add Opportunity with Approximately 20% Upside in Rents
  • Single Story Property: Located near Macarthur Park just North of Downtown on a Large 10,055 Square Foot Lot
  • Great Unit Mix of Large Two Bedroom and Three Bedroom Units: Separately Metered for Gas and Electricity
  • Amenities That All Tenants Value: Ample Parking and Large Spacious Units
  • Five Blocks From: Cambodia Town, Northgate Market, Saint Mary's Hospital, Long Beach Polytechnic High School, and much more
  • 90 Walk Score – "Walker's Paradise" & 70 Bike Score – "Very Bikeable"

Exclusively Listed By

Listing Price: $2,195,000

Cap Rate
4.51%
Number of Units
7
Price/Unit
$313,571

Investment Highlights

  • Value Add Opportunity with Approximately 20% Upside in Rents
  • Single Story Property: Located near Macarthur Park just North of Downtown on a Large 10,055 Square Foot Lot
  • Great Unit Mix of Large Two Bedroom and Three Bedroom Units: Separately Metered for Gas and Electricity
  • Amenities That All Tenants Value: Ample Parking and Large Spacious Units
  • Five Blocks From: Cambodia Town, Northgate Market, Saint Mary's Hospital, Long Beach Polytechnic High School, and much more
  • 90 Walk Score – "Walker's Paradise" & 70 Bike Score – "Very Bikeable"

Investment Overview

Marcus & Millichap is pleased to present a 7-unit multifamily property. Built in 1958, the subject property, consists of 5,340 rentable square feet spread throughout a 10,055 square foot lot. The building consists of six 2-bedroom / 1-bathroom units and one 3-bedroom / 1-bathroom unit. It contains ample on-sit parking behind a long-gated driveway. Tenants enjoy living in the Macarthur Park Neighborhood Northeast of Downtown Long Beach, a short distance to local beaches, California State University of Long Beach, as well as shopping, restaurants, and nightlife. 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 in various stages of development. 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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