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Listed by Robert Stepp, DRE #01456379 • Keller Williams Realty Downey
$ 3,900,000
Est. payment /mo
New
1019 Lewis Long Beach, CA 90813
10,172 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRPW26209030
Year Built 1961
Lot Size 10,172 Sqft
Source California Regional MLS
Property Description
1019 Lewis Avenue presents the opportunity to acquire a substantially renovated 16-unit multifamily property offering strong in-place cash flow, a stable income profile and additional rental upside in a highly walkable north Downtown Long Beach location. Offered at $3,900,000, the property generates a 7.00% current cap rate, with upside to a 7.59% market cap rate as rents move toward market levels. Ownership has invested approximately $400,000 in capital improvements, significantly reducing near-term capital expenditure requirements for a new investor. Fifteen of the property's 16 units have been fully renovated, while major building improvements include a new roof on one building, a newly sealed roof on the second building, a new 400-amp main electrical panel, upgraded subpanels and majority copper plumbing. The property features a highly desirable unit mix consisting of (14) 2BD/1BA units and (2) 1BD/1BA units. Current rents average $2,168 per unit, compared with projected market rents of ~$2,325, representing approximately 7% overall rental upside. Scheduled rental income has the potential to increase from $416,300 to $446,400 annually as rents are brought toward market levels. The property benefits from a stable income profile, with the majority of residents participating in
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Interior
Laundry Laundry Area, Community Facility
Exterior
Garage Spaces 7.0
Pool None
Building
Water District - Public
Others
Tax ID 7274009032
Special Listing Condition Not Applicable
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