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Listed by Joshua A Barut • Lyon Stahl Investment Real Estate, Inc.
$888,000
Est. payment /mo
3,221 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 3,221 sqft
Price per Sqft $275
MLS Listing ID SB-26196998
Year Built 1928
Lot Size 4,257 Sqft
Property Sub-Type Apartment
Source California Regional Multiple Listing Service (CRMLS)
Property Description
We are pleased to present 1071 N Almond Ct, a five-unit apartment building and multi-layered value-add opportunity in a strong Long Beach infill location. The building is 3,221 SF, sits on a 4,257 SF lot, and benefits from a strong unit mix of (3) 2 Bed/1 Bath and (2) 1 Bed/1 Bath units. At $177,600/unit and $275.69/SF — both well below comp averages — the offering represents an attractive entry basis in a tightly held submarket. At a 3.5% CAP rate and 15.8 GRM on current in-place rents, this offering carries roughly 125% in rent upside, which would impute a 10.1% Market CAP and 7.0 Market GRM on stabilized market rents. Four units are occupied at rents well below market; the rear unit will be delivered vacant and requires full renovation. Further, the building benefits from efficient lot coverage, with a detached rear garage presenting a potential ADU conversion candidate and a second garage ADU opportunity once the rear building is renovated (buyer to verify). In addition, the property scores 93 on Walk Score and sits roughly three miles from the Port of Long Beach, which supports an estimated one in five jobs citywide. Demand is further supported by Anduril's $1 billion Douglas Park campus and its roughly 5,500 projected jobs. Full build-out of highest and best use is modeled at a 16.1% unlevered IRR over a 7-year hold. See OM for details. Offered as-is, where-is; buyer to verify zoning, rebuild rights, and ADU eligibility with the City of Long Beach.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Interior
Laundry None
Exterior
Garage Spaces 2.0
Pool None
Community Features Curbs, Sidewalks, Street Lights
Building
Lot Description 0-1 Unit/Acre
Sewer Public Sewer
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John R Thompson
Broker/Owner License ID: 01200900
Broker/Owner License ID: 01200900