11 Units - Long Beach: Property For Sale

Properties For Sale 11 Units - Long Beach

11 Units - Long Beach

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Drive By Only. Do Not Disturb Tenants. Tenants Do Not Know Property Is For Sale

Offered at:
$2,400,000

Property Description

RE/MAX Commercial - Apartment Sales Division is pleased to present this two story 10 units plus 1 non-conforming unit in the heart of Downtown Long Beach. Five junior 1 bdrm 1 bath, five studios plus one larger non conforming 1 bdrm 1 bath. Long term ownership with rents approx. 35% below market lets buyer realize significant upside.

As of April 2019, average rent for an apartment in Long Beach, CA is $2234 which is a 6.31% increase from last year when the average rent was $2093 , and a 0.54% increase from last month when the average rent was $2222.

One bedroom apartments in Long Beach rent for $2082 a month on average (a 11.24% increase from last year) and two bedroom apartment rents average $2596 (a 5.05% increase from last year).

Unlike some cities, Long Beach isn’t mainly white- or blue-collar. Instead, the most prevalent occupations for people in Long Beach are a mix of both white- and blue-collar jobs. Overall, Long Beach is a city of sales and office workers, professionals, and service providers. There are especially a lot of people living in Long Beach who work in office and administrative support (13.62%), sales jobs (10.23%), and management occupations (9.36%).

Also of interest is that Long Beach has more people living here who work in computers and math than 95% of the places in the US.

The per capita income in Long Beach in 2010 was $29,586, which is middle income relative to California, and upper middle income relative to the rest of the US. This equates to an annual income of $118,344 for a family of four. However, Long Beach contains both very wealthy and poor people as well.

Current Income

Six 1-bedroom 1-bath $895 each
Five Single 1-bath $888 each
Laundry $100 month
Monthly Total $10,275

Cash Flow Analysis

Gross Scheduled Income $146,400
Operating Expenses $40,323 (27.5%)
Net Operating Income $106,077

Acquisition Data

Down Payment $600,000 (25%)
Loan Amount $1,800,000

Call or E Mail to request a Marketing Package and 10 Year Financial Analysis of this property. Marketing Package includes Complete Property Information, Sales and Rent Comparable Analysis. 10 Year Financial Analysis includes Complete Cash Flow Analysis, Itemized Expenses, Expected Cash Flow, Return on Initial Equity, Expected Gross Income Increase, Tax Benefits, Mortgage Principal Reduction, Expected Appreciation, Depreciation Analysis, Adjusted Cost Basis, Capital Gains Tax On Sale and more.

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