1381 Temple Ave Long Beach, CA 90804-2425
- Apartment buildings
- 6,300 SF
- 0.15 lot acres
Dec 16, 2024
Current Use by Public Records
- Apartment buildings
Property Details for 1381 Temple Ave
- Year built
- 1963
- Construction
- WOOD
- Lot size
- 0.15 lot acres
- Property size
- 6,300 SF
- Zone code
- LBR2N
- Property type
- Apartment buildings
- APN
- 7260-026-014
- APU
- 7260026014
Description
This 5-unit apartment building in Long Beach, CA, presents a compelling investment opportunity. The property, built in 1963, boasts 6,300 square feet of net rentable space across two stories, situated on a 0.15-acre lot. Each of the five units offers generous three-bedroom floor plans, averaging approximately 1,260 square feet, a highly desirable feature in the Long Beach rental market. Desirable amenities include a shared courtyard and back patio, gated pedestrian access, and four single-car garages, a rare commodity that adds significant value. An on-site laundry facility provides an additional revenue stream. The property's prime location in the Zaferia neighborhood offers residents convenient access to Orizaba Park, a 3.72-acre public park with various recreational facilities, and is less than half a mile from Belmont Center, anchored by Food4Less and Rite Aid. The current NOI is $127,013, with a pro-forma NOI of $134,323, resulting in a cap rate of 6.96% and a pro-forma cap rate of 7.36%. The asking price is $1,825,000, or $365,000 per unit. The property's strong performance, desirable location, and attractive amenities make it an ideal investment for discerning buyers. The property is offered fee simple. APN: 7260-026-014. Drive-by only
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $1,800,000
- ML approach
- $1,800,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $2,010,000
- 6.5%
- $1,855,000
- 7%
- $1,720,000
-
Alternative Use
- Use
- Estimation
- APARTMENT HOUSE (5+ UNITS)
- $1,975,000 Current use
- OFFICE BUILDING
- $2,230,000 Change: +13% Conversion: Moderate
- AUTO REPAIR, GARAGE
- $1,995,000 Change: +1% Conversion: Difficult
- WAREHOUSE, STORAGE
- $1,750,000 Change: -11% Conversion: Difficult
- COMMERCIAL (GENERAL)
- $1,610,000 Change: -18% Conversion: Moderate
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Location Insight
- Map
- Local Demand
- City
- Long Beach
- County
- Los Angeles
- State
- California
- Longitude
- -118.159
- Latitude
- 33.7841
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
