2652 2706 E 15th Street, Long Beach, California 90804, Long Beach, 90804 - bed, bath
ACTIVE$4,600,000
2652 2706 E 15th Street, Long Beach, California 90804
0Bed
0Bath
7,440Sqft
21,717Lot
Year Built
1929
Close
-
List price
$4.6M
Original List price
$4.6M
Price/Sqft
$618
HOA
-
Days on market
-
Sold On
-
MLS number
PW23229203
Home ConditionFair
Features
View-
About this home
We found 3 Cons,5 Pros. Rank: price - $4.60M(50th), sqft - 7440(50th), beds - undefined(50th), baths - undefined(50th).
2652 E. 15th Street is a 20-unit asset, located in the Zaferia Design District in Long Beach, California. The property is comprised of (18) 1BD/1BA and (2) studio units.Spread across a 21,717 square foot lot, the property has 15 surface parking spaces and two laundry rooms on site for additional income. Priced at a 5.14% cap rate & 11.91 GRM, new ownership can stabilize the asset at a 6.09% cap rate and 10.61 GRM.
Price History
Date
Event
Price
12/22/23
$4,600,000
Condition Rating
Fair
The property was built in 1929. The images show that the units have been updated with new flooring and paint. The kitchens appear to have newer appliances, but the bathrooms are not visible. Given the age of the building, it is likely that the property requires ongoing maintenance and updates, but it appears to be in fair condition overall.
Pros & Cons
Pros
High Density: 20-unit asset provides significant rental income potential.
Value Add Opportunity: Opportunity to stabilize the asset and increase cap rate and GRM.
Desirable Unit Mix: Mix of (18) 1BD/1BA and (2) studio units caters to a broad tenant base.
Large Lot Size: 21,717 square foot lot provides potential for future development or expansion.
On-Site Amenities: Features 15 surface parking spaces and two laundry rooms for tenant convenience and additional income.
Cons
Year Built: Built in 1929, the property may require ongoing maintenance and upgrades.
Parking Ratio: 15 parking spaces for 20 units may be insufficient for tenants.
Initial Cap Rate: The initial cap rate of 5.14% may be lower than desired for some investors, requiring stabilization efforts.