We are proud to offer a 5-unit apartment building in the Wrigley Area of Long Beach California. The subject property is located at 2325 Earl Avenue, just two blocks East of Pacific Avenue. and three blocks South of Willow Avenue. Located within close proximity to numerous forms of public transportation, a strong Walk Score of 86 indicating most errands can be accomplished by foot.
This unit mix consists all two bedrooms/ one-bathroom units that offer a range of floor plans and square footages. Built in 1964, this property is a two-story garden style building with four enclosed garages in the rear. With approximately 4,666 rentable square feet, and a lot size of 5,325 sq. ft. the property is individually metered for gas and electricity.
The income on the property has been very consistent with a sub 3% vacancy rate and very little to no turnover over the past 24 months. Rents have been averaging $1.84 sq.ft. over the past year, but with some interior improvements, and an upcoming vacancy, the rents can be over elevated to over $2 sq.ft. in today’s rental market. With rents 15% below market, an investor looking to “add value” could dramatically improve their cash flow by upgrading the units, bumping rents up to market rate, activating the garages for additional income and thus making this acquisition a valuable addition to any investor’s portfolio.