2212 E 15th St, Long Beach, CA 90804
- $1,775,000
- 16
- BD
- 8
- BA
- 5,254
- SqFt
- List Price
- $1,775,000
- MLS#
- 26104748
- Status
- ACTIVE
- Type
- Multifamily
- Bedrooms
- 16
- Bathrooms
- 8
- Living Area
- 5,254
Property Description
2212 E 15th St | 8-Unit Multifamily Investment, Long Beach. This 1960-built asset totals 5,256 SF on an 8,409 SF lot in Eastside Long Beach, between the Cherry Avenue corridor and Zaferia. It sits a few blocks north of Anaheim Street's restaurants and coffee shops and just south of Pacific Coast Highway retail and bus lines. The property features (8) 2BR/1BA units averaging 657 SF across a front and back building, with eight on-site parking spaces at a 1:1 ratio. Six of eight units are occupied at an average rent of $1,962, four of them already at the $1,995 market rent, and Units 1 and 2 are delivered vacant. Offered at $1,775,000 ($221,875/unit | $337.71/SF) with a 7.13% cap rate on scheduled rents and a 9.39 GRM, the real story is yield a 7%+ cap at a sub-$225K basis, with two units the buyer can lease or renovate on their own terms from close.
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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