1503 N Stanton Pl, Long Beach, CA 90804
- $2,375,000
- 20
- BD
- 10
- BA
- 6,710
- SqFt
- List Price
- $2,375,000
- MLS#
- 26104747
- Status
- ACTIVE
- Type
- Multifamily
- Bedrooms
- 20
- Bathrooms
- 10
- Living Area
- 6,710
Property Description
1503 Stanton Pl | 10-Unit Multifamily, Long Beach. This 1960-built asset totals 6,710 SF across a front and rear building on a 10,736 SF R-2-N lot in Long Beach's Zaferia neighborhood, a short walk from neighborhood shopping and 1.2 miles from Long Beach City College. The property features (10) 2BR/1BA units averaging 671 SF. Eight of 10 units are occupied at an average rent of $2,008 against a $2,095 market rent, and Units 1 and 4 are delivered vacant for the buyer to lease at market. Offered at $2,375,000 ($237,500/unit | $353.95/SF) with a 7.13% cap rate at lease-up, the real story is yield: a cap rate above every comparable sale reporting one, with a 7.48% pro forma reached through natural turnover and no renovation program.
Additional Information
- Year Built
- 1960
- Garage
- Above Street Level
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Courtesy of Lyon Stahl Investment Real Estate, Inc., Taylor Avakian.
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