2652 15Th St Long Beach, CA 90804
Call to check price and availability
20-unit apartment building, high potential.
Property size:
7,440 SFProperty 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
Listing Agent: Robert Stepp
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
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 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
- -118.1600156
- Latitude
- 33.7859929
Nearby Similar for Sale
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.
