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Listed by Shane Young • Younglewin Advisors, Inc.
$ 4,645,000
Est. payment /mo
Price Dropped by $100K
1912 East 2nd Street Long Beach, CA 90802
9,662 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 9,662 sqft
Price per Sqft $480
Subdivision Alamitos Beach
MLS Listing ID PW-25079041
Year Built 1923
Lot Size 8,274 Sqft
Property Sub-Type Apartment
Property Description
Priced to sell at an 11 GRM and a 5.87% Cap Rate in the most coveted pocket of Alamitos Beach! Pro forma 9.2 GRM and 7.4% Cap Rate! This opportunity delivers immediate cash flow with 26% upside in NOI. 1912 E. 2nd Street is a well maintained 19-unit apartment building steps from Bixby Park and the Pacific Ocean. This location ensures effortless access to trendy dining, boutique shopping, and lively entertainment options along Broadway, Retro Row, and the booming Downtown Long Beach--driving strong tenant demand and rental growth. The property showcases an eye-catching art deco facade, featuring 11 spacious studios, 6 one-bedroom/one-bath units, and 2 one-bedroom/one-and-one-half-bath townhome units. The securely gated property offers an inviting inner courtyard and a rare two-car garage--a coveted feature that could command premium rental income, or can be converted to an ADU for additional income. With RUBS (Ratio Utility Billing System) already implemented, operating costs are minimized, immediately boosting your net income. Combining a prime location with strong fundamentals, this is a rare chance for a savvy investor to enhance value, and secure significant long-term appreciation in one of Southern California's most sought after markets.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBR4R
Interior
Fireplaces Type None
Laundry Common Area
Exterior
Parking Features Garage Faces Rear
Garage Spaces 2.0
Pool None
Community Features Biking, Curbs, Dog Park, Park, Sidewalks, Street Lights
Building
Lot Description Front Yard, Value In Land
Sewer Public Sewer