818 Gaviota Avenue

    Long Beach, CA 90813
    • $1,900,000
    • STATUS: Active
    • ON SITE: 118 days
    • ID#: PW18091779
    UPDATED: 37 min ago
    $1,900,000
    • 0
      BEDS
    • 0.13
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 6,963
      SQFT
    • $273
      $/SQFT
    Type:
    Multi-Family
    Built:
    1987
    County:

    School Ratings & Info

    Description

    5.92% cap on market rents! Tons of upside for new buyer to raise rents on this easy to manage asset.An excellent opportunity to acquire an 8-unit multifamily building in Long Beach. Located at 818 Gaviota Ave. This multifamily asset was built in 1987. It offers eight spacious 2 bed, 2 bath units +GG four of which have private balconies. The building is in good condition and seven of the units have received upgrades including fresh paint and linoleum flooring. Residents enjoy use of one large shared garage on the first floor, as well as, covered parking in the back fora total of 14 parking spaces. The building also brings in additional income with on-site laundry facilities. Total building square footage is 6,963 square feet.Long Beach has seen a steady increase in demand for apartment units as prices are still relatively low compared to other neighborhoods in South Los Angeles County. Recent development projects in Downtown Long Beach such as the complete overhaul of the Long Beach Civic Center, a 36 story +GG 500 room hotel with additional retail space and the Amli Parc Broadway mixed-use project have attracted additional buzz. For the right investor, this multi-family asset will represent a good opportunity to generate years of steady cash flow and a higher than average ROI.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-08-17T20:33:16.28. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
    www.playavistaliving.com/homes/82811637

    818 Gaviota Avenue Long Beach, CA 90813

    • Price: $1,900,000
    • Status: Active
    • Updated: 37 min ago
    • ID#: PW18091779
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.13
    Acres
    6,963
    SQFT
    $273
    $/SQFT
    1987
    Built
    Neighborhood:
    4 - Downtown Area, Alamitos Beach
    County:
    Los Angeles
    Area:
    4 - Downtown Area, Alamitos Beach
    Property Description
    5.92% cap on market rents! Tons of upside for new buyer to raise rents on this easy to manage asset.An excellent opportunity to acquire an 8-unit multifamily building in Long Beach. Located at 818 Gaviota Ave. This multifamily asset was built in 1987. It offers eight spacious 2 bed, 2 bath units +GG four of which have private balconies. The building is in good condition and seven of the units have received upgrades including fresh paint and linoleum flooring. Residents enjoy use of one large shared garage on the first floor, as well as, covered parking in the back fora total of 14 parking spaces. The building also brings in additional income with on-site laundry facilities. Total building square footage is 6,963 square feet.Long Beach has seen a steady increase in demand for apartment units as prices are still relatively low compared to other neighborhoods in South Los Angeles County. Recent development projects in Downtown Long Beach such as the complete overhaul of the Long Beach Civic Center, a 36 story +GG 500 room hotel with additional retail space and the Amli Parc Broadway mixed-use project have attracted additional buzz. For the right investor, this multi-family asset will represent a good opportunity to generate years of steady cash flow and a higher than average ROI.
    Exterior Features

    Garage Spaces 7.00 Lot Features 6-10 Units/Acre Lot Size Source Assessor Lot Size Units Square Feet Parking Total 14.00 Pool Features None Pool Private YN No Property Attached YN Yes

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 2+ Common Walls Laundry Features None

    Property Features

    Additional Parcels YN No Building Area Units Square Feet Cap Rate 3.40 Community Features Urban Country Us Electric Expense 0.00 Elevation Units Feet Fuel Expense 0.00 Gross Income 114300.00 Gross Multiplier 16.62 Gross Scheduled Income 114300.00 Insurance Expense 2437.00 Land Lease YN No Laundry Income 900.00 Laundry YN No Maintenance Expense 4000.00 Net Operating Income 64539.00 New Taxes Expense 21375.00 Number Of Separate Electric Meters 0 Number Of Separate Gas Meters 0 Number Of Separate Water Meters 0 Operating Expense 46332.00 Other Expense 6800.00 Other Expense Description Utilitie Professional Management Expense 10000.00 Rent Control YN No Senior Community YN No Sewer Unknown Special Listing Conditions Standard Total Expenses 46332.00 Trash Expense 0.00 Vacancy Allowance 3429 Vacancy Allowance Rate 3.00 Water Sewer Expense 0.00 Zoning Lbr2n

    Listing provided courtesy of Justin White of Justin White.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-08-17T20:33:16.28. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
     
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