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Listed by Robert Stepp • Keller Williams Realty Downey
$2,500,000
Est. payment /mo
7,647 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Commercial/Residential
Listing Status Active
Purchase Type For Sale
Square Footage 7,647 sqft
Price per Sqft $326
MLS Listing ID PW-26236589
Year Built 1987
Lot Size 6,502 Sqft
Property Sub-Type Commercial/Residential
Source California Regional Multiple Listing Service (CRMLS)
Property Description
1128 Temple Avenue is an eight-unit multifamily investment opportunity located in Long Beach, California. Built in 1987, the three-story property features 100% spacious two-bedroom/two-bathroom residences averaging approximately 956 square feet. Four of the eight units offer private balconies, while additional amenities include 13 secure parking spaces and individually metered gas and electricity, providing desirable resident conveniences and operational efficiencies.
Offered at $2,500,000, the property presents a compelling value proposition with pricing metrics that compare favorably to recent sales. The projected 6.55% capitalization rate exceeds the comparable average of 5.95%, while the 9.80 gross rent multiplier is notably below the 12.02 comparable average. These metrics underscore the property's attractive relative valuation and competitive income potential.
Currently operated as student housing with rental income generated on a per-bed basis, the property is being marketed as a conventional market-rate multifamily investment. The pro forma reflects a transition to traditional per-unit leasing, with conservatively projected monthly rents of $2,495 per unit, approximately 2% below the surveyed comparable average of $2,547. This measured underwriting approach provides investors with additional rental upside potential beyond projected income.
Situated within Long Beach's established residential market, the property benefits from proximity to the city's diverse employment base, coastal amenities, and expanding aerospace and technology sectors. With a projected net operating income of $163,695, attractive acquisition metrics, and the opportunity to transition to conventional multifamily operations, 1128 Temple Avenue offers investors a compelling opportunity to acquire a well-located asset at a favorable basis relative to recent comparable transactions.
Offered at $2,500,000, the property presents a compelling value proposition with pricing metrics that compare favorably to recent sales. The projected 6.55% capitalization rate exceeds the comparable average of 5.95%, while the 9.80 gross rent multiplier is notably below the 12.02 comparable average. These metrics underscore the property's attractive relative valuation and competitive income potential.
Currently operated as student housing with rental income generated on a per-bed basis, the property is being marketed as a conventional market-rate multifamily investment. The pro forma reflects a transition to traditional per-unit leasing, with conservatively projected monthly rents of $2,495 per unit, approximately 2% below the surveyed comparable average of $2,547. This measured underwriting approach provides investors with additional rental upside potential beyond projected income.
Situated within Long Beach's established residential market, the property benefits from proximity to the city's diverse employment base, coastal amenities, and expanding aerospace and technology sectors. With a projected net operating income of $163,695, attractive acquisition metrics, and the opportunity to transition to conventional multifamily operations, 1128 Temple Avenue offers investors a compelling opportunity to acquire a well-located asset at a favorable basis relative to recent comparable transactions.
Location
State CA
County Los Angeles
Area 3 - Eastside, Circle Area
Interior
Laundry None
Exterior
Garage Spaces 13.0
Pool None
Community Features Sidewalks
Building
Lot Description 6-10 Units/Acre
Sewer Public Sewer
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John R Thompson
Broker/Owner License ID: 01200900
Broker/Owner License ID: 01200900