This listing was posted on ListedBuy.
$2,295,000
1861 Pacific Ave
Price:
$2,295,000
BR/BA:
10+ BR, 8 BA
Location:
1861 Pacific Ave, Long Beach, CA
Description:
8 Unit building with 6 renovated residential units (4 vacant) and 2 store-front retail units in Long Beach. Incredible Current Cap Rate of 5.5% and 12.8 GRM from day 1 with upside to 6.8% Cap Rate and 10.9 GRM on Proforma. Plans to convert each retail store into a 2 bed/1 bath residential unit to maximize sales. Large unit mix consisting of 1 (3bed/1bath), 4 (2bed/1bath), 1 (studio/1bath), and 2 large storefronts. Preliminary plans to add 2 Detached (3bed/1bath) ADUs for future upside. Rare 5 vacant garages in the back for additional income. The 8-unit building presents a unique opportunity for investors and business owners alike. With 6 recently renovated residential units that are mostly vacant, the upside potential for saleal income is significant. In addition, the two store-front retail units offer excellent visibility and foot traffic in a bustling commercial area. The location of this property is highly desirable with proximity to major transportation routes and popular amenities such as parks, restaurants, and shopping centers. Furthermore, the recent renovations of the residential units have added value to the property making it an attractive investment opportunity for those looking to capitalize on its upside potential. Overall, this 8-unit building represents a promising proposition for investors seeking high returns in one of Southern California's thriving communities. Still available at ListedBuy!
Property Type:
Multi-Family Residences for Sale
Sq feet:
6,072 sq. ft.
Year:
1946
For sale by:
By Owner
Posted:
August 20 2023 on ListedBuy
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More About this Listing: 1861 Pacific Ave
1861 Pacific Ave is a 10+ BR Eight Bath Multi-Family Real Estate for Sale at 1861 Pacific Ave in Long Beach CA. Find other listings like 1861 Pacific Ave and listings near 1861 Pacific Ave by searching Oodle Classifieds for 10+ BR Eight Bath Multi-Family Real Estate for Sale in Long Beach CA.
1861 Pacific Ave is a 10+ BR Eight Bath Multi-Family Real Estate for Sale at 1861 Pacific Ave in Long Beach CA. Find other listings like 1861 Pacific Ave and listings near 1861 Pacific Ave by searching Oodle Classifieds for 10+ BR Eight Bath Multi-Family Real Estate for Sale in Long Beach CA.