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Listed by Ryan Versfelt • Lyon Stahl Investment Real Estate, Inc.
$ 1,700,000
Est. payment | /mo
4,500 Sqft Lot
$ 1,700,000
Est. payment | /mo
4,500 Sqft Lot
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRSB25107697
Year Built 1946
Lot Size 4,500 Sqft
Source California Regional MLS
Property Description
7.32% Cap Rate and a 9.52 GRM, 1922 Locust Ave, is an 8-unit apartment building located in the South Wrigley submarket of Long Beach. Priced at just $212k/unit, this investment offers a compelling mix of immediate cash flow and long-term upside in a rapidly developing market. The property is comprised of (8) 1-Bed/1-Bath units, with five recently remodeled. Three units are currently vacant and rent-ready, offering the perfect opportunity for an owner-user or investor to quickly add value. Situated just outside the booming Downtown Long Beach core, 1922 Locust Ave is primed to benefit from over $6 Billion in local investment, including transformational projects like the Long Beach Civic Center, Queen Mary Island, CSULB Downtown Village, Broadway Block, and the Ocean Aire Development. No local rent control - subject to AB-1482 CA Statewide rent control, which allows 5%+CPI rental increases.
Location
State CA
County Los Angeles
Area 699 - Not Defined
Exterior
Pool None
Building
Water District - Public
Others
Tax ID 7209014024
Special Listing Condition Not Applicable
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Drew Reid
REALTOR® | Lic# 01332884