James Melton
James Melton, California Value Group, Inc.Phone: (714) 318-4664
Email: [email protected]

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listing
1 of 9
Residential IncomeFor Sale
$2,200,000
914 N Loma Vista Drive
Long Beach, CA 90813
Listed by Scott Burns DRE#01989612 [email protected] JMS Manage Sell PC
MLS: California Regional MLS (CRMLS)
Est. Mortgage
$11,456/mo

Please see attached Offering Memorandum for additional information. Beautiful 914 N. Loma Vista Drive is a charming 8 unit apartment complex adjacent to dynamic downtown Long Beach. This property features four standard one-bedroom, two deluxe one-bedroom, and two balcony one-bedroom apartments. The property has been substantially improved by its current owner who has owned & operated it for 7 years. During that time, the current owner has invested a total of over $148,000 in capital expenditures to the property, completing major renovations on 6 of 8 units and contributing $46k+ into the building exterior. These improvements have yielded an increase of the annual rent roll from $70,752 in 2015 to $136,476 today (an increase of 92.89%). The property is being offered at a price of $2,200,000, which is an attractive 15.92X multiple of current gross rents (12.93X on market rents) and a Cap Rate on current rents of 3.90% (5.23% on market rents).

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Information courtesy of JMS Manage Sell PC is subject to verification and is not guaranteed.
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