The Eleventh Street Apartments is a nine-unit apartment building located in the Willmore Historic District within the strong rental market of Long Beach, California. The property offers a desirable unit mix of (5) two bedroom/ one bathroom units and (4) one bedroom/ one bathroom units totaling 6,395 square feet, situated on a 9,895 square foot lot. The building has recently gone through extensive interior and exterior renovations including, but not limited to: new roofs, garages, windows, complete interiors, fencing, concrete, and plumbing. Tenants also enjoy washer and dryer hookups in each unit, large fenced patios/yards, and enclosed garages. The Eleventh Street Apartments represents an opportunity for an investor to acquire a very stable investment with a 5.31% CAP Rate and 7.26% Total Return on current income. The location offers high visibility in an area known for its strong tenancy, good rent growth, and a historically high occupancy rate.
Listing courtesy of Greg Bassirpou from Marcus & Millichap RE Invest
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