1912 2nd Street
Description
1912 East 2nd Street consists of a...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.
- Listed by Shane Young • DRE #01963090 • Brokerage DRE #02164683 • Younglewin Advisors, Inc. • 562-556-1118
Property Details for 1912 2nd Street
Property Details for 1912 2nd Street
| Status | Active |
|---|---|
| MLS # | PW24131544 |
| Days on Market | 175 |
| Taxes | - |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Residential Income |
| Year Built | 1923 |
| County | Los Angeles County |
Building Information for 1912 2nd Street
Property Information for 1912 2nd Street
- Tenant Pays: Electricity, Gas, Trash Collection, Water
- Gross Income: $413,916
- Gross Scheduled Income: $413,916
- Net Operating Income: $259,393
- Laundry Income: $200
- Gross Multiplier: 11.6
- Cap Rate: 5.4
- Operating Expense: $144,505
- Fuel Expense: $0
- Electric Expense: $3,000
- Insurance Expense: $0
- Professional Management Expense: $0
- Trash Expense: $0
- Water Sewer Expense: $6,000
- Total Expenses: $144,505
- Tax Block: 67
- Tax Tract Number: 576...
- Tax Census Tract: 5766.02
- CFD/Mello-Roos Fee: $3,125
- Tax Lot: 7
- Community Features: Dog Park, Park, Sidewalks, Street Lights
- Laundry: Yes
- Laundry Features: Common Area
- Entry Location: Front North
- Miscellaneous: Value in Land
- Pool Features: None
- Pool Description: None
- Pool: N/K
- Lot Features: Park Nearby, Value In Land
- Number Of Units: 19
- Land Lease: No
- Land Lease Type: Fee
- Water: Public
- Sewer: Public Sewer
- Water Source: Public
- Garage Spaces: 2
- Parking Garage Spaces: 2
- Carport Spaces: 0
- Builders Tract Name: Alamitos Beach
- Builders Tract Code: Alamitos Beach (AB)
- Unit Type Units Total: 11
- Unit Type Beds Total: 0
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Actual Rent: $1,645
- Unit Type Total Rent: $18,096
- Unit Type Pro Forma: 20350
- Unit Type Type: 1
- Unit Type Units Total: 6
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Actual Rent: $1,972
- Unit Type Total Rent: $11,831
- Unit Type Pro Forma: 13970
- Unit Type Type: 2
- Unit Type Units Total: 2
- Unit Type Beds Total: 1
- Unit Type Baths Total: 2
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Actual Rent: $2,283
- Unit Type Total Rent: $4,566
- Unit Type Pro Forma: 4850
- Unit Type Type: 3
- Rent Controlled: Yes
- Number Of Buildings: 1
- Number Of Separate Electric Meters: 5
- Number Of Separate Gas Meters: 1
- Number Of Separate Water Meters: 1
Property History for 1912 2nd Street
| Date | Event & Source | Price | Appreciation |
|---|
| Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 1912 2nd Street
Schools near 1912 2nd Street
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | K to 5 | |||
| Public - | 6 to 8 | |||
| Public - | 9 to 12 | |||
| Public - | 9 to 12 |
Rating | School | Distance |
|---|---|---|
Burbank Elementary School PublicK to 5 | ||
Franklin Classical Middle School Public6 to 8 | ||
Polytechnic High School Public9 to 12 | ||
Renaissance High School For The Arts Public9 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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Listing Courtesy of Younglewin Advisors, Inc., Shane Young, DRE #01963090
Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.