Park Apartments | 1912-1918 E 2nd St
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Park Apartments 1912-1918 E 2nd St
19 Unit Apartment Building $6,894,960 CAD ($362,893 CAD/Unit) 5.50% Cap Rate Long Beach, CA 90802
Investment Highlights
- Current 5.39% Cash on Cash Return
- 20% Upside in Net Operating Income - 8.25% Cash on Cash
- Short Walk to the Beach, Bixby Park, Retro Row, Broadway Ave, and Downtown Long Beach
- 5.5% Loan at 65% LTV
- Attractive Art Deco Architecture & Well-Maintained Units
Executive Summary
YoungLewin Advisors is pleased to present a well maintained 19-unit apartment building in Long Beach, California. The property is well-located just steps from Bixby Park and the Pacific Ocean in Long Beach’s vibrant Alamitos Beach neighborhood. The property’s excellent location also offers tenants convenient access to the numerous popular dining, shopping and entertainment opportunities on Broadway, Retro Row and in the rapidly redeveloping Downtown Long Beach.
1912 East 2nd Street consists of a two-story 1923 construction building that contains 11 studios, 6 one-bed/one-bath and 2 one-bed/one-and-one-half bath units. The property is securely gated and boasts a well-maintained art deco facade, an inner courtyard, and a two-car garage in the rear. Parking is a highly sought-after amenity in this neighborhood and could demand premium additional income. The property also has RUBS in-place to lower ownership's expense. 1912 E 2nd is priced attractively at a 11.60 GRM, and a 5.40% cap rate with 20% upside in NOI to low 10 times gross and a 6.46% cap rate.
The excellent location combined with strong cash flow makes it an outstanding opportunity for an investor to add value and capture substantial potential upside in rents and long term appreciation.
1912 East 2nd Street consists of a two-story 1923 construction building that contains 11 studios, 6 one-bed/one-bath and 2 one-bed/one-and-one-half bath units. The property is securely gated and boasts a well-maintained art deco facade, an inner courtyard, and a two-car garage in the rear. Parking is a highly sought-after amenity in this neighborhood and could demand premium additional income. The property also has RUBS in-place to lower ownership's expense. 1912 E 2nd is priced attractively at a 11.60 GRM, and a 5.40% cap rate with 20% upside in NOI to low 10 times gross and a 6.46% cap rate.
The excellent location combined with strong cash flow makes it an outstanding opportunity for an investor to add value and capture substantial potential upside in rents and long term appreciation.
Financial Summary (Actual - 2023) 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 - 2023) 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 | $6,894,960 CAD | Property Subtype | Apartment |
| Price Per Unit | $362,893 CAD | Apartment Style | Low Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 5.50% | Lot Size | 0.19 AC |
| Gross Rent Multiplier | 11.5 | Building Size | 9,662 SF |
| No. Units | 19 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1923 |
| Price | $6,894,960 CAD |
| Price Per Unit | $362,893 CAD |
| Sale Type | Investment |
| Cap Rate | 5.50% |
| Gross Rent Multiplier | 11.5 |
| No. Units | 19 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 9,662 SF |
| No. Stories | 2 |
| Year Built | 1923 |
Site Amenities
- Controlled Access
- Courtyard
- Laundry Facilities
- Property Manager on Site
- Gated
- Bicycle Storage
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 11 | $2,363 CAD | - |
| 1+1 | 6 | $2,833 CAD | - |
| 1+1.5 | 2 | $3,279 CAD | - |
Walk Score ®
Walker's Paradise (92)
Bike Score ®
Very Bikeable (83)
PROPERTY TAXES
| Parcel Number | 7265-020-010 | Improvements Assessment | $1,759,053 CAD (2024) |
| Land Assessment | $4,711,754 CAD (2024) | Total Assessment | $6,470,807 CAD (2024) |
PROPERTY TAXES
Parcel Number
7265-020-010
Land Assessment
$4,711,754 CAD (2024)
Improvements Assessment
$1,759,053 CAD (2024)
Total Assessment
$6,470,807 CAD (2024)
zoning
| Zoning Code | R4R, Long Beach |
| R4R, Long Beach |
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Park Apartments | 1912-1918 E 2nd St
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