We are pleased to present 1071 N Almond Ct, a five-unit apartment building and multi-layered value-add opportunity in a strong Long Beach infill location. The building is 3,221 SF, sits on a 4,257 SF lot, and benefits from a strong unit mix of (3) 2 Bed/1 Bath and (2) 1… Read More Bed/1 Bath units. At $177,600/unit and $275.69/SF both well below comp averages the offering represents an attractive entry basis in a tightly held submarket. At a 3.5% CAP rate and 15.8 GRM on current in-place rents, this offering carries roughly 125% in rent upside, which would impute a 10.1% Market CAP and 7.0 Market GRM on stabilized market rents. Four units are occupied at rents well below market; the rear unit will be delivered vacant and requires full renovation. Further, the building benefits from efficient lot coverage, with a detached rear garage presenting a potential ADU conversion candidate and a second garage ADU opportunity once the rear building is renovated (buyer to verify). In addition, the property scores 93 on Walk Score and sits roughly three miles from the Port of Long Beach, which supports an estimated one in five jobs citywide. Demand is further supported by Anduril's $1 billion Douglas Park campus and its roughly 5,500 projected jobs. Full build-out of highest and best use is modeled at a 16.1% unlevered IRR over a 7-year hold. See OM for details. Offered as-is, where-is; buyer to verify zoning, rebuild rights, and ADU eligibility with the City of Long Beach. Read Less
Courtesy of Lyon Stahl Investment Real Estate, Inc. 310-425-9838
Listing Snapshot
Days Online
34
Last Updated
Property Type
Apartment
Beds
8
Square Ft.
3,221
Lot Size
0.1 Acres
Year Built
1928
MLS Number
SB26196998MR
Additional Details
Building
3,221 sq ft, Built in 1928, Detached/No Common Walls
The information is for consumers' personal, non-commercial use and may not be used for any purpose other than identifying properties which consumers may be interested in purchasing.
Confirm your time
Fill in your details and we will contact you to confirm a time.
