1125 E Carson St

09-22-2022
09-22-2022

1125 E Carson St, Long Beach, CA 90807

  • Great Rental Market with Low Vacancy of Less Than 3%
  • Located in the Highly Desirable Long Beach Submarket of Bixby Knolls 
  • Within 1 Mile of Trader Joes, Vons, the Atlantic Corridor, SteelCraft, and many other Local Attractions
  • Great Unit Mix of Studios, One Bedroom, and Two Bedroom Units
  • Two Brand New Construction ADU’s Providing Market Rate Units
  • 6/10 Units in Original Conditional Leaving Potential Upside to a New Investor
     

Property Description

The King Group of Marcus & Millichap is pleased to present a 10-unit apartment building located in Long Beach, California. Built in 1948, the subject property consists of 7,726 rentable square feet spread throughout a 9,006 square foot lot. There is one Stu unit, four 1-bedroom / 1-bathroom units and four 2-bedroom / 1-bathroom units. 

Tenants enjoy living in the Bixby Knolls Neighborhood of Long Beach, a short distance to local beaches, California State University of Long Beach, as well as shopping, restaurants, and nightlife. The city of Long Beach continues to progress forward and is currently experiencing major redevelopment. The Long Beach port is undergoing $4.4 billion in future redevelopment that will create 14,000 new and permanent jobs in Southern California. The city is undergoing a building boom with more than $5 billion in private and public investments in various stages of development. The new $520 million Long Beach Civic Center development will house a new City Hall, Port of Long Beach headquarters and the Main Library. Long Beach sustains its ability to attract renters due to its strong economy and quality of life.
 

Unit Mix

Description No. of Units Sq ft. Avg. Monthly Rent
Studio/ 1 Bath 1 1 $ 1,650
1 Bed/ 1 Bath 5 1 $ 1,904
2 Bed/ 1 Bath 4 1 $ 1,991

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multifamily type
Garden Style
Price
$ 3,550,000
No. of Units
10
Cap Rate
4.52%
GRM / GIM
15.46
Year Built
1947
Building Size
7,726 Sq ft
Lot Size
0 acres
No. of Stories
1
APN
7138-012-029
Opportunity Zone
No
Buy Side Fee
2%
Price per unit
$ 355,000
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33.832818, -118.178115

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