1435 Walnut Ave Long Beach, CA 90813-2451
- Apartment buildings
- 4,633 SF
- 0.15 lot acres
Oct 24, 2024
Current Use by Public Records
- Apartment buildings
Property Details for 1435 Walnut Ave
- Year built
- 1964
- Construction
- WOOD
- Lot size
- 0.15 lot acres
- Property size
- 4,633 SF
- Zone code
- LBR2N
- Property type
- 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.
Value Estimations
-
CAP approach
- CAP Return
- Estimation
- 6%
- $1,635,000
- 6.5%
- $1,510,000
- 7%
- $1,400,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $1,484,000
Market price range: $736k - $1.48M -
Alternative Use
- Use
- Estimation
- APARTMENT HOUSE (5+ UNITS)
- $1,120,000 Current use
- WAREHOUSE, STORAGE
- $1,705,000 Change: +52% Conversion: Difficult
- OFFICE BUILDING
- $1,640,000 Change: +46% Conversion: Moderate
- AUTO REPAIR, GARAGE
- $1,465,000 Change: +31% Conversion: Difficult
- RETAIL STORES
- $1,155,000 Change: +3% Conversion: Difficult
- COMMERCIAL (GENERAL)
- $1,110,000 Change: -1% Conversion: Moderate
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Location Insight
- Map
- Local Demand
- City
- Long Beach
- County
- Los Angeles
- State
- California
- Longitude
- -118.172
- Latitude
- 33.7853
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
