Scott Burns

Long Beach CA Residential Income for Sale

415 - 417 East 20th Street is a 14-unit multifamily investment property located in Long Beach, one of the premier housing markets in Southern California. The 8,946 gross square foot property consists exclusively of two-bedroom cottages and offers amenities including gated entry, single-story construction, on-site laundry, and garage parking. In addition, the property’s strategic location in close proximity to Pacific Coast Highway and Interstate 710 provides residents with convenient access to local and regional employment centers.

Long Beach CA Residential Income for Sale

** See Offering Memo in Supplements section ** Beautiful 604 Chestnut Avenue is a charming 11 unit, two-story apartment complex adjacent to dynamic downtown Long Beach. This property features a diverse roster of two studio apartments, seven 1-bedroom apartments, one 1-bedroom apartment with a loft, and one 2- bedroom house.The building was constructed in 1918, has a rentable area of approximately, 7,331 SQ/FT, is built on a 5,019 SQ/FT lot, and is in absolutely turn-key condition to generate ample amounts of income from day one. Some of the units are also individually metered for gas and electricity.The property has been substantially improved by its current owner who has owned it for over 6 years. During that time, the current owner has invested a total of over $146,000 in capital expenditures to the property, completing major renovations on 8 of 11 units and putting an additional $64k+ into the building exterior.These improvements have yielded an increase of the annual rent roll from $104,808 in 2015 to $176,688 today (a 68% increase). The property is being offered at a price of $2,500,000, which is an attractive 14.04 multiple of current gross rents (12.88 X on market rents) and a Cap Rate on current rents of 4.42% (5.01% on market rents).

Long Beach CA Residential Income for Sale

** See Offering Memo in Supplements section ** Beautiful 604 Chestnut Avenue is a charming 11 unit, two-story apartment complex adjacent to dynamic downtown Long Beach. This property features a diverse roster of two studio apartments, seven 1-bedroom apartments, one 1-bedroom apartment with a loft, and one 2- bedroom house.The building was constructed in 1918, has a rentable area of approximately, 7,331 SQ/FT, is built on a 5,019 SQ/FT lot, and is in absolutely turn-key condition to generate ample amounts of income from day one. Some of the units are also individually metered for gas and electricity.The property has been substantially improved by its current owner who has owned it for over 6 years. During that time, the current owner has invested a total of over $146,000 in capital expenditures to the property, completing major renovations on 8 of 11 units and putting an additional $64k+ into the building exterior.These improvements have yielded an increase of the annual rent roll from $104,808 in 2015 to $176,688 today (a 68% increase).The property is being offered at a price of $2,500,000, which is an attractive 14.04 multiple of current gross rents (12.88 X on market rents) and a Cap Rate on current rents of 4.42% (5.01% on market rents).

Long Beach CA Commercial for Sale

Please see the Supplements section to access the Offering Memorandum. Beautiful 1151 Daisy Avenue is a charming 12 unit apartment complex in dynamic downtown Long Beach. This property features a roster of ten standard studios, two loft studios, laundry room, and four individual garages. The building was constructed in 1921, has a rentable area of approximately 4,604 SQ/FT, is built on a 7,440 SQ/FT lot, and is in absolutely turn-key condition to generate ample amounts of income from day one. All units are also individually metered for gas and electricity.

Long Beach CA Residential Income for Sale

Please see the Supplements section to access the Offering Memorandum.Beautiful 1151 Daisy Avenue is a charming 12 unit apartment complex in dynamic downtown Long Beach. This property features a roster of ten standard studios, two loft studios, laundry room, and four individual garages. The building was constructed in 1921, has a rentable area of approximately 4,604 SQ/FT, is built on a 7,440 SQ/FT lot, and is in absolutely turn-key condition to generate ample amounts of income from day one. All units are also individually metered for gas and electricity.

Long Beach CA Commercial for Sale

Please see attached Offering Memorandum for additional information. Beautiful 914 N. Loma Vista Drive is a charming 8 unit apartment complex adjacent to dynamic downtown Long Beach. This property features four standard one-bedroom, two deluxe one-bedroom, and two balcony one-bedroom apartments. The property has been substantially improved by its current owner who has owned & operated it for 7 years. During that time, the current owner has invested a total of over $148,000 in capital expenditures to the property, completing major renovations on 6 of 8 units and contributing $46k+ into the building exterior. These improvements have yielded an increase of the annual rent roll from $70,752 in 2015 to $136,476 today (an increase of 92.89%). The property is being offered at a price of $2,200,000, which is an attractive 15.92X multiple of current gross rents (12.93X on market rents) and a Cap Rate on current rents of 3.90% (5.23% on market rents).

Long Beach CA Residential Income for Sale

Please see attached Offering Memorandum for additional information.Beautiful 914 N. Loma Vista Drive is a charming 8 unit apartment complex adjacent to dynamic downtown Long Beach. This property features four standard one-bedroom, two deluxe one-bedroom, and two balcony one-bedroom apartments. The property has been substantially improved by its current owner who has owned & operated it for 7 years. During that time, the current owner has invested a total of over $148,000 in capital expenditures to the property, completing major renovations on 6 of 8 units and contributing $46k+ into the building exterior. These improvements have yielded an increase of the annual rent roll from $70,752 in 2015 to $136,476 today (an increase of 92.89%). The property is being offered at a price of$2,200,000, which is an attractive 15.92X multiple of current gross rents (12.93X on market rents) and a Cap Rate on current rents of 3.90% (5.23%on market rents).