473 E. 55th Street
Multifamily | 6.04% CAP | 10 Units
Marketing description
10 Renovated Non-Rent Controlled units cash flowing at an amazing Current Cap Rate of 6% from day 1! Large unit mix of 9 (2bed/1bath) units and 1 (1bed/1bath) unit including 2 brand-new attached ADUs. Most units boast updated cabinets, flooring, kitchen, bathrooms, exterior improvements, and more. Individually metered for gas, electricity, and tenants pay their own trash further minimizing the operating expenses. Non-LA-City rent controlled asset allowing significant 8% annual rent increases (5%+CPI) for future upside. The property also offers on-site laundry and parking that generates additional income. Prime North Long Beach location minutes from the beach and central to the 405, 710 and 605 Freeways, offering tenants easy access to attractions and employers across the region. Long Beach is a popular rental market and population and employment hub with easy access to the beach, colleges (such as Cal State Long Beach), and major attractions including the Queen Mary, Aquarium of the Pacific, and more. Long Beach offers investors the opportunity to acquire assets in a coastal rental market with low vacancy rates without premium coastal pricing.
Investment highlights
- Turnkey Investment Opportunity - This asset boasts renovated interiors, exterior upgrades, two brand new ADU's, and strong in-place income, making it an attractive turnkey investment opportunity
- 6.04% Cap Rate on Current Rents - Excellent for any investor looking for strong cash flow on day one
- Strong Unit Mix of 90% Two-Bedrooms - This property offers nine two-bedroom units and one one-bedroom
- Two Brand New ADU's - The increased unit count with attractive new upgrades generate additional income
- Remodeled Interiors - Most units have been remodeled with new flooring, kitchens, and bathrooms to attract a strong renter base and demand premium rents
- Great Rental Location - In Long Beach, a coastal rental market without the prime coastal pricing, where key multifamily demand drivers keep vacancy rates consistently low
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