3402 Gundry Ave Long Beach, CA 90807-4850

Property Details for 3402 Gundry Ave

Year built

1963

Construction

WOOD

Lot size

0.28 lot acres

Property size

8,146 SF

Zone code

LBR1N

Property type

Apartment buildings

APN

7147-016-034

APU

7147016034

Description

This exceptional 10-unit apartment building, located at 3402 Gundry Avenue in Long Beach, California, presents a compelling investment opportunity. The property boasts 8,146 square feet on a 0.28-acre lot, featuring a mix of six one-bedroom and four two-bedroom units. Built in 1963, this two-story building offers a desirable blend of classic charm and modern convenience. Amenities include gated pedestrian access to a courtyard, nine tuck-under parking spaces with storage lockers, a tandem surface parking space, and an on-site laundry facility. An unused open space presents potential for additional storage units, creating further revenue streams. The property's strong financial performance is highlighted by a current NOI of $158,950 and a pro-forma NOI of $188,035, translating to a current cap rate of 5.49% and a pro-forma cap rate of 6.50%. The asking price is $2,895,000, or $289,500 per unit. Its prime location in the California Heights neighborhood offers residents convenient access to Atlantic Avenue's retail and dining options, a nearby Target, and the Long Beach Exchange shopping mall. Proximity to the Long Beach Memorial Medical Center and Interstate 405 further enhances its appeal. One two-bedroom unit will be delivered vacant at closing. The property is offered fee simple. Drive-by only