914 N Loma Vista Drive Long Beach, CA 90813
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 & 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).
- Property TypeMulti-Family
- NeighborhoodDrake Park (Dp)
- CountyLos Angeles
- Taxes$0
- HOA/Condo/Coop Fees$0
- Days on Site251 Days
- MLS StatusActive
- MLS ID NumberPW23193787
- Home Size Source N/A
- Year Built1922
- Lot Size0.198 Acres
- Full BathsN/A
- Partial BathsN/A
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General Features
- Parking None
- Parking Spaces 0
- Sewer Public Sewer
- Number of Stories 222
- Acreage 0.198
- Water Public
- Property Sub Type Mixed Use
- Garage Spaces 0
- Zoning LBPD10
- Listing Conditions Standard
Interior Features
- Laundry Features None
Exterior Features
- Pool Features None
- Lot Near Park
Community Features
- Association Dues 0
- Community Features BikingDog ParkPark
- Senior Community No
- MLS Area 4 - Downtown Area, Alamitos Beach