600 Almond Ave Long Beach, CA 90802-1745
- Apartment buildings
- 7,387 SF
- 0.16 lot acres
Mar 18, 2020
Current Use by Public Records
- Apartment buildings
Property Details for 600 Almond Ave
- Year built
- 1964
- Construction
- WOOD
- Lot size
- 0.16 lot acres
- Property size
- 7,387 SF
- Zone code
- LBR3T
- Property type
- Apartment buildings
- APN
- 7266-016-008
- APU
- 7266016008
Description
This exceptional 6-unit apartment building presents a compelling investment opportunity in Long Beach's desirable North Alamitos Beach neighborhood. The property, located at 600 Almond Ave, boasts a total of 7,387 square feet on a 6,837 square foot lot and features a mix of unit sizes, including a spacious 3-bedroom, 3-bathroom townhouse-style unit ideal for an owner-occupant. The remaining five units consist of four 2-bedroom, 2-bathroom units and one 2-bedroom, 1-bathroom unit. All units have undergone extensive renovations, showcasing condo-style finishes and averaging a sizable 1180 square feet for the 2-bedroom units. The building includes a controlled-access system and four convenient garage parking spaces. Built in 1964, this two-story building offers a strong current NOI of $106,399, with a pro-forma NOI of $116,888, translating to a 4.64% cap rate and a pro-forma cap rate of 5.09%. The asking price is $2,295,000, representing a price per unit of $382,500 and a price per square foot of $310.68. Its prime location offers a Walk Score of 91, providing easy access to shopping, dining, and other amenities along 4th Street/Retro Row. This property represents a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a highly sought-after Long Beach location. The Los Angeles County property features APN 7266-016-008 and is situated in the 90802 zip code.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $1,910,000
- ML approach
- $1,910,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $2,355,000
- 6.5%
- $2,175,000
- 7%
- $2,020,000
-
Alternative Use
- Use
- Estimation
- APARTMENT HOUSE (5+ UNITS)
- $2,155,000 Current use
- OFFICE BUILDING
- $2,615,000 Change: +21% Conversion: Moderate
- AUTO REPAIR, GARAGE
- $2,335,000 Change: +8% Conversion: Difficult
- RETAIL STORES
- $2,075,000 Change: -4% Conversion: Difficult
- WAREHOUSE, STORAGE
- $2,055,000 Change: -5% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Long Beach
- County
- Los Angeles
- State
- California
- Longitude
- -118.174
- Latitude
- 33.7743
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
