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    2652 15Th St Long Beach, CA 90804

    Sponsored
    For Sale
    $4,600,000

    20-unit apartment building, high potential.

    Property size:
    7,440 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    396
    This exceptional 20-unit apartment building, located at 2652 E. 15th Street in Long Beach, California's Zaferia Design District, presents a compelling investment opportunity. The property, situated on a substantial 21,717 square foot lot, comprises eighteen one-bedroom, one-bathroom units and two studio units, totaling 7,440 square feet. Built between 1929 and 1939, the three single-story buildings offer 15 surface parking spaces and two on-site laundry rooms, generating additional revenue streams. Currently boasting a 5.14% cap rate and a gross rent multiplier (GRM) of 11.91, based on a Net Operating Income (NOI) of $236,296, the property's pro-forma NOI is projected at $280,288, indicating a potential increase to a 6.09% cap rate and a 10.61 GRM. The asking price is $4,600,000, or $230,000 per unit. The large lot size presents significant potential for future development, such as the addition of Accessory Dwelling Units (ADUs). This property offers a blend of immediate income generation and long-term growth potential in a desirable Long Beach location. The property's APN is 7260-017-018/-19. This is a rare opportunity to acquire a well-located multifamily asset with significant upside.

    Property Features for 2652 15Th St

    General Information

    Property type
    Multifamily properties
    Square Feet
    7,440 SF

    Building Details

    Year Built
    1929
    Buildings
    3
    Stories
    1
    Units
    20

    HighLights

    • 5.14% Cap Rate, 11.91 GRM, with potential for 6.09% Cap Rate and 10.61 GRM.
    • On‑site amenities include two laundry rooms and a 15‑space gated parking lot, offering additional income potential.
    • Large 21,717 sq ft lot allows for ADU development.
    • Prime location in the Zaferia Design District.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Long Beach
    County
    Los Angeles
    State
    California
    Longitude
    -118.1600156
    Latitude
    33.7859929

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    FAQs

    What type of property is this?
    Multifamily property - 20-unit apartment building, high potential.
    Where is this multifamily property located?
    The property is located at 2652 15Th St Long Beach, CA.
    What is the asking price?
    The asking price for this property is $4,600,000.
    What are key features of this property?
    This property features: 5.14% Cap Rate, 11.91 GRM, with potential for 6.09% Cap Rate and 10.61 GRM.; On-site amenities include two laundry rooms and a 15-space gated parking lot, offering additional income potential.; Large 21,717 sq ft lot allows for ADU development.
    Request Owner's contact information
    2652 15Th St Long Beach, CA 90804
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    Long Beach, CA 90804
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2652 15Th St Long Beach, CA 90804
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