1071 N Almond CT, Long Beach, CA 90813
1071 N Almond CT, Long Beach, CA 90813
1071 N Almond CT, Long Beach, CA 90813
1071 N Almond CT, Long Beach, CA 90813
1071 N Almond CT, Long Beach, CA 90813
1071 N Almond CT, Long Beach, CA 90813
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Dusty Mulhearn

Dusty Mulhearn

+1(949) 500-6274
$ 888,000
Est. payment | /mo

4,255 Sqft Lot

Save
$ 888,000
Est. payment | /mo
Save

4,255 Sqft Lot

Key Details

Property Type Other Types

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

Subdivision Alamitos Beach (Ab)

MLS Listing ID SB26196998

HOA Y/N No

Year Built 1928

Lot Size 4,255 Sqft

Property Sub-Type Apartment

Property Description

We are pleased to present 1071 N Almond Ct, a five-unit apartment building and multi-layered value-add opportunity in a strong Long Beach infill location. The building is 3,221 SF, sits on a 4,257 SF lot, and benefits from a strong unit mix of (3) 2 Bed/1 Bath and (2) 1 Bed/1 Bath units. At $177,600/unit and $275.69/SF — both well below comp averages — the offering represents an attractive entry basis in a tightly held submarket. At a 3.5% CAP rate and 15.8 GRM on current in-place rents, this offering carries roughly 125% in rent upside, which would impute a 10.1% Market CAP and 7.0 Market GRM on stabilized market rents. Four units are occupied at rents well below market; the rear unit will be delivered vacant and requires full renovation. Further, the building benefits from efficient lot coverage, with a detached rear garage presenting a potential ADU conversion candidate and a second garage ADU opportunity once the rear building is renovated (buyer to verify). In addition, the property scores 93 on Walk Score and sits roughly three miles from the Port of Long Beach, which supports an estimated one in five jobs citywide. Demand is further supported by Anduril's $1 billion Douglas Park campus and its roughly 5,500 projected jobs. Full build-out of highest and best use is modeled at a 16.1% unlevered IRR over a 7-year hold. See OM for details. Offered as-is, where-is; buyer to verify zoning, rebuild rights, and ADU eligibility with the City of Long Beach.

Location

State CA

County Los Angeles

Area 4 - Downtown Area, Alamitos Beach

Interior

Fireplace No

Laundry None

Exterior

Garage Spaces 2.0

Garage Description 2.0

Pool None

Community Features Curbs, Street Lights, Sidewalks

Total Parking Spaces 2

Private Pool No

Building

Lot Description 0-1 Unit/Acre

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 7267007017

Acceptable Financing Cash, 1031 Exchange

Listing Terms Cash, 1031 Exchange

Special Listing Condition Standard

CRMLS Full IDX Feed (MAIN Website Search)
Listed by Joshua Barut Lyon Stahl Investment Real Estate, Inc. 562-457-8126, DRE #01971720

NEARBY SCHOOLS & PROPERTIES

Dusty Mulhearn

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(949) 500-6274

dusty@propertycousins.com

United States

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