1435 Walnut AveLong Beach, CA 90813

Property Details for 1435 Walnut Ave

Year built

1964

Construction

WOOD

Lot size

0.15 AC

Property size (Sq ft)

4,633 SF

Zone code

LBR2N

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

7268-039-024

APU

7268039024

Description

This two-story, six-unit apartment building at 1435 Walnut Avenue in Long Beach, CA 90813, presents a compelling value-add opportunity. The property boasts 4,633 square feet of net rentable space situated on a 6,614 square foot lot. Built in 1964, the building features six two-bedroom, one-bathroom units, each exceeding 770 square feet. Current Net Operating Income (NOI) is $66,179, yielding a 4.73% cap rate. However, a pro-forma NOI of $108,807 projects a 7.77% cap rate, reflecting significant upside potential. This potential stems from current rents being approximately 40% below market value. A new owner can increase profitability through interior renovations, exterior improvements, and activation of common areas. The property benefits from its location in an Opportunity Zone, offering potential tax advantages. Further, there's potential to add dwelling units (ADUs) by converting existing garage or storage space. Recent capital improvements include a new roof installed in 2024, backed by a 20-year labor and 50-year material warranty. The property enjoys a Walk Score of 84 and is conveniently located near Pacific Coast Highway and major freeways (710 and 405), less than two miles from the beach and various Long Beach attractions. The asking price is $1,400,000.

• CAP approach

  CAP return

  Valuation

  6%

  $1,363,436

  6.5%

  $1,258,556

  7%

  $1,168,660

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,290,643

  Geo Method

  $2,290,643

• Alternative Use

  Use

  Valuation

  Residential

  $1,258,556

  Hospitality

  $1,152,831

  Educational

  $959,142

  Medical

  $992,128

  Retail

  $1,491,998

Location Insight

City

Long Beach

County

Los Angeles

State

California

Latitude

33.7853

Longitude

-118.172

CBSA code

31080

CBSA name

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

Property Tax & Assessments

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