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1030 Myrtle Avenue, Long Beach, California 90813, Long Beach, 90813 - bed, bath

1030 Myrtle Avenue, Long Beach, California 90813 home-pic-0
ACTIVE$1,550,000
1030 Myrtle Avenue, Long Beach, California 90813
0Bed
0Bath
3,040Sqft
6,535Lot
Year Built
2005
Close
-
List price
$1.55M
Original List price
$1.55M
Price/Sqft
$510
HOA
-
Days on market
-
Sold On
-
MLS number
SB25042498
Home ConditionGood
Features
Patio
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $1.55M(92th), sqft - 3040(77th), beds - undefined(50th), baths - undefined(50th).

2005 construction and just outside of downtown Long Beach, this quadruplex has three large 3 bedroom 1 bathroom apartments, and one 1 bedroom 1 bathroom apartment. The strong income in place has this building at a GRM of 13.3X and a cap rate of 4.2%, and there is approximately 15% upside in the rents. The building features onsite laundry in select units, a large 2 car garage for each unit with extra parking on the driveway, and is separately metered for gas and electricity. There is a path to substantial upside via the conversion of some of the 8 garage spots to ADUs, as well as offsetting some of the expenses through the use of RUBS. The building is just 3 blocks North of Downtown Long Beach, with ongoing new developments of over $8 Billion. It offers excellent transit access only a few blocks to the metro blue line rail station, PCH, and the 710 freeway. Over 60% of households within 5 miles are renters with an average household income of over $94,000. (Per Costar)

Price History

Date
Event
Price
10/04/21
Sold
$1,350,000
09/18/02
Sold
$99,000
07/15/02
Sold
$42,000
Condition Rating
Good
Built in 2005, this property is 19 years old, fitting within the 'Good' category's age range. The images reveal clean, well-maintained kitchens with white cabinetry, dark countertops, and stainless steel appliances, consistent with mid-2000s construction. Bathrooms feature standard white vanities and shower/tub combos, appearing functional and in good condition. Flooring is a mix of carpet and tile, showing minimal wear. While not extensively renovated to current modern standards, the units are move-in ready with no immediate repairs or updates required, and all major systems appear functional and well-maintained.
Pros & Cons

Pros

Newer Construction: Built in 2005, this quadruplex is significantly newer than many comparable income properties in the area, suggesting lower immediate maintenance costs and more modern infrastructure.
Significant Value-Add Potential: The property offers substantial upside with approximately 15% rent increase potential, the ability to convert 8 garage spots into ADUs, and the implementation of RUBS to offset expenses.
Strategic Location & Connectivity: Located just 3 blocks north of Downtown Long Beach, an area experiencing over $8 Billion in new developments, and offering excellent transit access to the Metro Blue Line, PCH, and 710 freeway.
Desirable Unit Mix & Tenant Amenities: Features three large 3-bedroom/1-bathroom units and one 1-bedroom/1-bathroom unit, each with a 2-car garage and extra driveway parking. Units are separately metered for gas and electricity, reducing landlord expenses.
Robust Rental Market Demographics: Situated in a strong rental market with over 60% renter households within 5 miles and an average household income exceeding $94,000, indicating high demand and a quality tenant pool.

Cons

Requires Active Management for Upside: Realizing the projected 15% rent increase, ADU conversions, and RUBS implementation demands significant time, effort, and potentially capital investment from the new owner, which may not suit passive investors.
Moderate Current Financial Performance: The current 4.2% cap rate and 13.3X GRM, while not poor, indicate that the property's full income potential is not yet optimized and requires strategic improvements to achieve higher returns.
Unspecified Interior Unit Condition: While the building is newer (2005), the description lacks details on the interior condition of the units, which may require renovation or updates to achieve the stated rent upside and attract higher-paying tenants.

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