908 Martin Luther King Jr Ave Long Beach, CA 90813
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18-Unit Apartment Building, High ROI
Property size:
6,540 SFProperty Features for 908 Martin Luther King Jr Ave
General Information
- Property type
- Multifamily properties
- Square Feet
- 6,540 SF
Building Details
- Year Built
- 1923
- Stories
- 2
- Units
- 18
Listing Agent: Robert Stepp
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
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.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Commercial real estate
Location Insight
- Map
- Local Demand
- City
- Long Beach
- County
- Los Angeles
- State
- California
- Longitude
- -118.1803079
- Latitude
- 33.7780057
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FAQs
What type of property is this?
Multifamily property - 18-Unit Apartment Building, High ROI
Where is this multifamily property located?
The property is located at 908 Martin Luther King Jr Ave Long Beach, CA.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Turnkey 18-unit apartment building with updated systems including roof, electrical, plumbing, cabinets, fixtures, windows, granite countertops, and tile floors.; 6.10% Cap Rate / 10.47 GRM; Pro-forma NOI of $234,820 projects a 6.71% cap rate.; Potential for individual purchase or acquisition as part of a portfolio including properties at 718 Chestnut Avenue and/or 1228 Raymond Avenue.
