$2,200,000
914 Loma Vista Drive, Long Beach 90813
5
Beds
4
Baths
8,623
Lot Size
8
# Of Units
Listing Agent
Scott Burns - JMS Manage Sell PCPlease 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).
Facts & Features
MLS® # | PW23193787 |
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Price | $2,200,000 |
Bedrooms | 5 |
Bathrooms | 4.00 |
Lot Size | 8,623 |
Year Built | 1922 |
Type | Residential Income |
Sub-Type | Mixed Use |
Status | Active |
# Of Units | 8 |
Community Information
Address | 914 Loma Vista Drive |
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Area | 4 - Downtown Area, Alamitos Beach |
Subdivision | Drake Park (DP) |
City | Long Beach |
County | Los Angeles |
Zip Code | 90813 |
Amenities
Parking | None |
---|---|
Garages | None |
Is Waterfront | No |
Has Pool | No |
Pool | None |
Interior
Has Basement | No |
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Fireplace | No |
# of Stories | 2 |
Stories | Two |
Exterior
Lot Description | 6-10 Units/Acre, Near Park |
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Additional Information
Date Listed | October 1st, 2023 |
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Days on Market | 194 |
Zoning | LBPD10 |
Foreclosure | No |
Short Sale | No |
RE / Bank Owned | No |
Listing Details
Agent | Scott Burns |
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Office | JMS Manage Sell PC |