6.40% Cap + 10.23 GRM | 7.60% Pro Forma
Strong Unit Mix | 6.40% Cap Rate - 13% Upside
Marketing description
$50,000 price reduction - now offered at a 6.40% current cap rate. 1036 Saint Louis Ave is a 9-unit Eastside Long Beach apartment property featuring an attractive large-unit mix of (1) 3BD/2BA, (6) 2BD/1BA, and (2) 1BD/1BA units. The asset offers strong in-place income with approximately 13% remaining rental upside and a projected 7.60% pro forma cap rate through continued interior renovations and garage income optimization.
The property has benefited from approximately $129,000 in recent capital improvements, including a new 400A main electrical panel, partial main sewer line replacement, SB 721 balcony compliance/repairs, roof repairs, and three completed unit renovations. Additional features include 6 on-site garages, separately metered electric/gas, and landlord-paid water/sewer/trash. No local rent control; statewide AB 1482 applies.
Investment highlights
- $128,962.75 Spent on Capital Improvements
- New 400 AMP Main Electrical Panel, SB 721 Balcony Compliance & Partial Main Sewer Line Replacement in 2025
- 3 Out of 9 Units are Fully Renovated
- 10.23 GRM & 6.40% Cap Rate
- 13% Upside in Rents - Pro Forma 7.60% Cap Rate
- (6) On-Site Garages
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