Description
HIGH YIELD - 8% CASH-ON-CASH RETURN w/ FINANCING AVAILABLE AT JUST 25% DOWN!!!!! pleased to present the opportunity to acquire 2260 Santa Fe Avenue and 2261 Adriatic Avenue, an investment property located in the vibrant Westside Long Beach submarket. These two adjacent parcels are situated in a high-demand area, offering a unique mix of unit configurations and robust investment potential. The properties are strategically positioned to benefit from Long Beach's ongoing urban development and revitalization efforts, providing residents with easy access to transportation, employment hubs, and diverse retail and entertainment options. 2260 Santa Fe Avenue is comprised of thirty-one (31) studio units and one (1) one-bedroom/one-bath unit, while 2261 Adriatic Avenue features two (2) standalone three-bedroom/one-bath units. Together, these properties include a total of 34 units, 16 uncovered parking spaces, and a coin-operated laundry facility, enhancing tenant convenience and income potential. The Santa Fe Avenue property currently operates as an apartment building and has for many years, per the Seller. A site plan has received approval with conditions from the City of Long Beach for legalization of an unpermitted conversion of a senior group residence into apartments. The buyer has the option to proceed with the city's conversion process or chose to operate the asset under allowable uses per the municipal code for the sites zoning. At an exceptional price of $120,000 per unit, this offering presents an attractive investment with a current 7.36% CAP rate and a pro forma 9.22% CAP rate. The current gross rent multiplier (GRM) stands at 8.27, with a pro forma GRM of 7.20, indicating significant upside potential. This investment not only promises strong cash flow and value appreciation but also offers the opportunity to capitalize on Long Beach's thriving real estate market.
