Long Beach, CA 90805
$3,225,000
Mark Quesada
Broker / Owner
DRE #02101365
Huge ~700k Price Reduction! 100% Renovated 12-unit apartment building cash flowing at an amazing current 7% Cap Rate from day 1. Preliminary plans to add 8 detached ADUs to achieve a remarkable 10.8% Cap Rate, 7.3 GRM, and 198k/unit after taking into account all construction costs (~745k assuming $225/SF). The property features an easy to rent unit mix of 12 (1-bed/1bath) units including 4 brand-new retail to apartment conversions as well as 2-brand new attached ADUs. Turnkey opportunity where every single unit was vacated, completely renovated, and leased at market rent with additional upside by building 8 detached ADUs in the back parking lot. The property is separately metered for gas and electrical utilities and each unit has its own individual water heater to further reduce operating costs. The property has undergone major capital improvements including updated electrical, plumbing, brand-new windows, interiors, exteriors, etc. The fully remodeled units boast new modern cabinets, flooring, lighting, new bathrooms, and more.
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$23,801/mo
Estimate only. Not a loan offer, pre-approval, or commitment to lend. Taxes, insurance, and HOA are estimates that may differ from actual figures. Contact a licensed lender for a personalized quote.
Pick a day and time — Mark will confirm your private tour.
Interior
Construction
Lot & parking
Listed by Julio Ruiz, Global Platinum Properties, Inc.
MLS# 26871087 · Active
$719,995
Median sale price
34 days
Avg days on market
100.5% of list
Sells for
Closed sales in 90805 over the last 6 months, all home types.
Actual closed sales from the MLS — not estimates.
History reflects records reported to the MLS and may be incomplete.
