1503 N Stanton Place, Long Beach, CA 90804 - Berkshire Hathaway HomeServices California Properties

888.995.7575

1503 N Stanton Place Long Beach, CA 90804

$2,375,000 20 beds, 10 baths
6, 710 sqft

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Berkshire Hathaway HomeServices California Properties 11828 Rancho Bernardo Rd, Ste 210
San Diego, CA 92128 888-995-7575

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Agent Remarks

1503 Stanton Pl | 10-Unit Multifamily, Long Beach. This 1960-built asset totals 6,710 SF across a front and rear building on a 10,736 SF R-2-N lot in Long Beach's Zaferia neighborhood, a short walk from neighborhood shopping and 1.2 miles from Long Beach City College. The property features (10) 2BR/1BA units averaging 671 SF. Eight of 10 units are occupied at an average rent of $2,008 against a $2,095 market rent, and Units 1 and 4 are delivered vacant for the buyer to lease at market. Offered at $2,375,000 ($237,500/unit | $353.95/SF) with a 7.13% cap rate at lease-up, the real story is yield: a cap rate above every comparable sale reporting one, with a 7.48% pro forma reached through natural turnover and no renovation program.

Listing Details

Property type: (Multi-Family)

Status: Active

MLS# 26104747

List price is $2,375,000

Beds: 20

Baths: 10

Built in 1960

6,710 sqft

0.21 acres

Lot size: 0.2069

County: Los Angeles