1034 Newport Ave
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1034 Newport Ave
4 Unit Apartment Building $2,374,262 CAD ($593,566 CAD/Unit) 4.31% Cap Rate Long Beach, CA 90804
Investment Highlights
- Prime Long Beach location: 91 Walk Score, easy access to shopping, dining and recreational facilities
- Updated Units & Features: Three units recently remodeled with spacious layouts, individual water heaters, and electric-only utilities
- Strong Investment Appeal: Attractive 4.31% CAP rate (actual) and potential for 18% rent upside
- Ample Parking & Amenities: Includes three single-car garages, one two-car garage, onsite laundry and a fully gated, secure property
Executive Summary
4 units in a great LB location with a 91 Walk Score, nearby shopping, dining, Rec Park and more. Attractive unit mix: 1-3BR/2BA (single story), 2-2BR/2BA (2 story townhouses) and 1-2BR/1BA (2 story townhouse). Most units remodeled with new floors, all units are spacious and with well appointed floorplans. All units have a separate water heater and all electric building. Ample parking:(3) single car garages and (1) two car garage. Garages had a brand new roof last year. Onsite laundry facility and the entire property is gated and fully secured.
The property currently grosses approx $113,700 per year and is priced attractively at a real 4.31% CAP (actual) and a 14.73 GRM. At market rents the property is a 12.50 GRM and 5.45% CAP. Approx 18% upside in current rents.
The property currently grosses approx $113,700 per year and is priced attractively at a real 4.31% CAP (actual) and a 14.73 GRM. At market rents the property is a 12.50 GRM and 5.45% CAP. Approx 18% upside in current rents.
Financial Summary (Actual - 2024) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
---|---|---|
Gross Rental Income | $99,999 | $9.99 |
Other Income | $99,999 | $9.99 |
Vacancy Loss | $99,999 | $9.99 |
Effective Gross Income | $99,999 | $9.99 |
Taxes | - | - |
Operating Expenses | - | - |
Total Expenses | $99,999 | $9.99 |
Net Operating Income | $99,999 | $9.99 |
Financial Summary (Actual - 2024) Click Here to Access
Gross Rental Income (CAD) | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Other Income (CAD) | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Vacancy Loss (CAD) | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Effective Gross Income (CAD) | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Taxes (CAD) | |
---|---|
Annual | - |
Annual Per SF | - |
Operating Expenses (CAD) | |
---|---|
Annual | - |
Annual Per SF | - |
Total Expenses (CAD) | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Net Operating Income (CAD) | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Property Facts
Price | $2,374,262 CAD | Apartment Style | Garden |
Price Per Unit | $593,566 CAD | Building Class | C |
Sale Type | Investment | Lot Size | 0.14 AC |
Cap Rate | 4.31% | Building Size | 4,170 SF |
Gross Rent Multiplier | 14.73 | Average Occupancy | 100% |
No. Units | 4 | No. Stories | 2 |
Property Type | Multifamily | Year Built | 1972 |
Property Subtype | Apartment |
Price | $2,374,262 CAD |
Price Per Unit | $593,566 CAD |
Sale Type | Investment |
Cap Rate | 4.31% |
Gross Rent Multiplier | 14.73 |
No. Units | 4 |
Property Type | Multifamily |
Property Subtype | Apartment |
Apartment Style | Garden |
Building Class | C |
Lot Size | 0.14 AC |
Building Size | 4,170 SF |
Average Occupancy | 100% |
No. Stories | 2 |
Year Built | 1972 |
Unit Mix Information
Description | No. Units | Avg. Rent/Mo | SF |
---|---|---|---|
3+2 | 1 | - | - |
2+2 | 2 | - | - |
2+1 | 1 | - | - |
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Walk Score ®
Walker's Paradise (91)
PROPERTY TAXES
Parcel Number | 7258-008-006 | Improvements Assessment | $542,162 CAD |
Land Assessment | $1,284,895 CAD | Total Assessment | $1,827,056 CAD |
PROPERTY TAXES
Parcel Number
7258-008-006
Land Assessment
$1,284,895 CAD
Improvements Assessment
$542,162 CAD
Total Assessment
$1,827,056 CAD
zoning
Zoning Code | LBR4R |
LBR4R |
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1034 Newport Ave
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