2260 Santa Fe Ave Long Beach, CA 90810-1217

This exceptional investment opportunity presents a 34-unit apartment building located at 2260 Santa Fe Ave and 2261 Adriatic Ave, Long Beach, CA 90810. The property consists of two adjacent parcels totaling 31,980 square feet, encompassing three one-story buildings with a combined 12,500 square feet. The unit mix includes 31 studios, one one-bedroom/one-bathroom unit, and two three-bedroom/one-bathroom units. Sixteen uncovered parking spaces and a coin-operated laundry facility are included, enhancing tenant convenience and income. Currently operating as an apartment building, the property offers a compelling value-add opportunity. The asking price is $4,080,000, translating to $120,000 per unit and $326.40 per square foot. The land value is $127.58 per square foot. The property boasts a current NOI of $300,107, resulting in a 7.36% cap rate. Pro forma NOI is projected at $376,294, yielding a 9.22% cap rate. A site plan has received conditional approval from the City of Long Beach for the legalization of a prior unpermitted conversion. The buyer may choose to proceed with this conversion or operate the property under existing zoning allowances. This prime Westside Long Beach location offers easy access to transportation, employment centers, and retail amenities. The property's strong cash flow, significant upside potential, and strategic location make it an attractive investment in a thriving market. APN: 7401-031-002, 7401-031-003. Year built: 1950.