908 Martin Luther King Jr Ave Long Beach, CA 90813
- Apartment buildings
- 6,540 SF
- 0.17 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 908 Martin Luther King Jr Ave
- Year built
- 1923
- Construction
- WOOD
- Lot size
- 0.17 lot acres
- Property size
- 6,540 SF
- Zone code
- LBR4N
- Property type
- 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.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Long Beach
- County
- Los Angeles
- State
- California
- Longitude
- -118.18
- Latitude
- 33.778
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
