651 46th St Long Beach, CA 90807-1570

Property Details for 651 46th St

Year built

1973

Construction

WOOD

Lot size

0.26 lot acres

Property size

10,062 SF

Zone code

LBR3S

Property type

Apartment buildings

APN

7135-005-026

APU

7135005026

Description

This exceptional 12-unit apartment building presents a compelling value-add opportunity in Long Beach's desirable Bixby Knolls neighborhood. Located at 651 E. 46th Street, this 10,062 square foot property sits on an 11,154 square foot lot and boasts a strong pro-forma cap rate of 7.81%, representing a significant 34% rental upside potential. The building, constructed in 1973, features a mix of unit sizes: nine one-bedroom/one-bathroom units, one two-bedroom/one-bathroom unit, one two-bedroom/two-bathroom unit, and one three-bedroom/two-bathroom unit. All units are spacious. The property benefits from 100% electric systems and copper plumbing throughout, enhancing its long-term value. Twelve parking spaces, including ten garages and two surface spaces, provide ample tenant parking and offer potential for additional income generation or accessory dwelling unit (ADU) development. On-site laundry adds further convenience for residents and contributes to the property's income stream. Its prime location offers easy access to local amenities, including Aldi and numerous restaurants and shops on Atlantic Avenue, as well as convenient freeway access via the 710 and 405 freeways. The current NOI is $140,717, with a pro-forma NOI of $226,107. The asking price is $2,895,000, translating to $241,250 per unit and $287.72 per square foot. This property is an ideal investment for those seeking significant upside potential in a thriving Long Beach location. The APN is 7135005026.