8 bedroom house for sale

Overview

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 and 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). For more details and to contact: https://realtyww.info/homes_long-beach-d523493/for-sale_i69236649