2652 15Th St Long Beach, CA 90804
- Apartment buildings
- 3,026 SF
- 0.15 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 2652 15Th St
- Year built
- 1929
- Construction
- WOOD
- Lot size
- 0.15 lot acres
- Property size
- 3,026 SF
- Zone code
- LBR2N
- Property type
- Apartment buildings
- APN
- 7260-017-019
- APU
- 7260017019
Description
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.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $3,715,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $4,330,000
- 6.5%
- $4,440,000
- 7%
- $4,200,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $5,085,000
- Geo Method
- $4,765,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $4,280,000
- Retail
- $3,490,000
- Mixed-Use
- $4,175,000
- Hospitality
- $3,960,000
- Educational
- $4,690,000
- Residential Income
- $4,785,000
- Energy
- $3,695,000
- Income-Based Land
- $3,965,000
- Food Service
- $4,775,000
Location Insight
- Map
- Local Demand
- City
- Long Beach
- County
- Los Angeles
- State
- California
- Longitude
- -118.16
- Latitude
- 33.786
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
