908 Martin Luther King Jr AveLong Beach, CA 90813

Property Details for 908 Martin Luther King Jr Ave

Year built

1923

Construction

WOOD

Lot size

0.17 AC

Property size (Sq ft)

6,540 SF

Zone code

LBR4N

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

7274-023-019

APU

7274023019

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $1,924,643

  6.5%

  $1,776,594

  7%

  $1,649,694

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,233,500

  Geo Method

  $3,233,500

• Alternative Use

  Use

  Valuation

  Residential

  $1,776,594

  Hospitality

  $1,627,350

  Educational

  $1,353,936

  Medical

  $1,400,500

  Retail

  $2,106,123

Location Insight

City

Long Beach

County

Los Angeles

State

California

Latitude

33.778

Longitude

-118.18

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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