908 Martin Luther King Jr AveLong Beach, CA 90813

This exceptional 18-unit apartment building in Long Beach, California, presents a compelling investment opportunity. Located at 908 Martin Luther King Jr. Ave, this two-story property boasts 6,540 square feet on a 7,514 square foot lot (APN: 7274-023-019). Built in 1923, the building has undergone significant renovations, including a new roof, updated electrical and plumbing systems, new cabinets, fixtures, windows, granite countertops, and durable tile floors in all units. Each unit is equipped with a refrigerator. A security camera system enhances safety. The property currently generates a NOI of $213,545, representing a 6.10% cap rate and a 10.47 GRM based on current rents. A pro-forma NOI of $234,820 projects a 6.71% cap rate. The asking price is $3,500,000, translating to $194,444.44 per unit. Eight units are currently subject to an affordable rent covenant with the City of Long Beach, expiring in December 2029. City documents are available for review. This turnkey property is ideal for investors seeking strong returns and potential for future appreciation. The property may be purchased individually or in conjunction with other available affordable housing properties.