Sold

Closed

2260 Santa Fe Avenue

Long Beach CA, 90810

$3,725,000


$298.00 per sqft

Sold

Closed

12,500 sqft

Commercial

Built in 1950

Listed by Christopher Van Vuuren with Lyon Stahl Investment Real Estate, Inc. 714-655-0098

HIGH YIELD - 8% CASH-ON-CASH RETURN w/ FINANCING AVAILABLE AT JUST 25% DOWN!!!!!

pleased to present the opportunity to acquire 2260 Santa Fe Avenue and 2261 Adriatic Avenue, an investment property located in the vibrant Westside Long Beach submarket. These two adjacent parcels are situated in a high-demand area, offering a unique mix of unit configurations and robust investment potential. The properties are strategically positioned to benefit from Long Beach's ongoing urban development and revitalization efforts, providing residents with easy access to transportation, employment hubs, and diverse retail and entertainment options.

2260 Santa Fe Avenue is comprised of thirty-one (31) studio units and one (1) one-bedroom/one-bath unit, while 2261 Adriatic Avenue features two (2) standalone three-bedroom/one-bath units. Together, these properties include a total of 34 units, 16 uncovered parking spaces, and a coin-operated laundry facility, enhancing tenant convenience and income potential. The Santa Fe Avenue property currently operates as an apartment building and has for many years, per the Seller. A site plan has received approval with conditions from the City of Long Beach for legalization of an unpermitted conversion of a senior group residence into apartments. The buyer has the option to proceed with the city's conversion process or chose to operate the asset under allowable uses per the municipal code for the sites zoning.

At an exceptional price of $120,000 per unit, this offering presents an attractive investment with a current 7.36% CAP rate and a pro forma 9.22% CAP rate. The current gross rent multiplier (GRM) stands at 8.27, with a pro forma GRM of 7.20, indicating significant upside potential. This investment not only promises strong cash flow and value appreciation but also offers the opportunity to capitalize on Long Beach's thriving real estate market.

SB24141062

MLS ID

July 10, 2024

Listed

December 25, 2024

Updated

Map

2260 Santa Fe Avenue
Long Beach CA, 90810

Interior Features

Total Stories

1


Laundry Description

Common Area


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.73 Acres

Other Property Details

Area Name

11 - Westside


Days on Market

100


Garage

No


View

No


County

Los Angeles


Water Source

Public


Pool

No

Listing History

Date

Event

Price

12/25/2024

Sold

$3,725,000

11/14/2024

Pending

10/22/2024

Under contract

8/23/2024

Price change

$4,080,000

-7%

Listing Contact: 310-425-9838 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 12/25/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 12/25/2024 at 4:47 PM UTC

 

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