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$ 3,565,000
Est. payment /mo
Price Dropped by $135K
1019 Lewis Long Beach, CA 90813
10,171 Sqft Lot
UPDATED:
Key Details
Property Type Single Family Home, Multi-Family
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Subdivision Downtown (Dt)
MLS Listing ID PW26209030
HOA Y/N No
Year Built 1961
Lot Size 10,171 Sqft
Property Sub-Type Mixed Use
Property Description
1019 Lewis Avenue presents the opportunity to acquire a substantially renovated 16-unit multifamily property offering strong in-place
cash flow, a stable income profile and additional rental upside in a highly walkable north Downtown Long Beach location. Offered at $3,565,000, the property generates a 7.95% current cap rate, with upside to a 8.77% market cap rate as rents move toward market levels. Ownership has invested approximately $400,000 in capital improvements, significantly reducing near-term capital expenditure requirements for a new investor. Fifteen of the property's 16 units have been fully renovated, while major building improvements include a new roof on one building, a newly sealed roof on the second building, a new 400-amp main electrical panel, upgraded subpanels and majority copper plumbing. The property features a highly desirable unit mix consisting of (14) 2BD/1BA units and (2) 1BD/1BA units. Current rents average $2,168 per unit, compared with projected market rents of ~$2,325, representing approximately 7% overall rental upside. Scheduled rental income has the potential to increase from $416,300 to $446,400 annually as rents are brought toward market levels. The property benefits from a stable income profile, with the majority of residents participating in HACLA or HACLB housing assistance programs. This provides an attractive combination of dependable rental income and continued organic upside as below-market rents are adjusted over time. Two newly constructed ADUs have already been incorporated into the property, increasing the asset's income-producing unit count while demonstrating the property's ability to accommodate additional density. Ownership has identified the potential for additional ADU development, providing a future investor with another avenue for long-term value creation beyond the existing rental upside. At the $3,565,000 offering price, 1019 Lewis generates $283,366 in current NOI, equating to 7.95% current cap rate and 8.31 GRM. At projected market rents, NOI increases to ~$312,482, supporting a 8.77% market cap rate and 7.74 GRM. The combination of strong day- one yield and ~$29,116 in additional NOI potential provides investors with meaningful current income without relying on an extensive renovation or repositioning program. Located just north of Downtown Long Beach, 1019 Lewis provides convenient access to the city's employment centers, shopping, dining, transit and waterfront amenities.
cash flow, a stable income profile and additional rental upside in a highly walkable north Downtown Long Beach location. Offered at $3,565,000, the property generates a 7.95% current cap rate, with upside to a 8.77% market cap rate as rents move toward market levels. Ownership has invested approximately $400,000 in capital improvements, significantly reducing near-term capital expenditure requirements for a new investor. Fifteen of the property's 16 units have been fully renovated, while major building improvements include a new roof on one building, a newly sealed roof on the second building, a new 400-amp main electrical panel, upgraded subpanels and majority copper plumbing. The property features a highly desirable unit mix consisting of (14) 2BD/1BA units and (2) 1BD/1BA units. Current rents average $2,168 per unit, compared with projected market rents of ~$2,325, representing approximately 7% overall rental upside. Scheduled rental income has the potential to increase from $416,300 to $446,400 annually as rents are brought toward market levels. The property benefits from a stable income profile, with the majority of residents participating in HACLA or HACLB housing assistance programs. This provides an attractive combination of dependable rental income and continued organic upside as below-market rents are adjusted over time. Two newly constructed ADUs have already been incorporated into the property, increasing the asset's income-producing unit count while demonstrating the property's ability to accommodate additional density. Ownership has identified the potential for additional ADU development, providing a future investor with another avenue for long-term value creation beyond the existing rental upside. At the $3,565,000 offering price, 1019 Lewis generates $283,366 in current NOI, equating to 7.95% current cap rate and 8.31 GRM. At projected market rents, NOI increases to ~$312,482, supporting a 8.77% market cap rate and 7.74 GRM. The combination of strong day- one yield and ~$29,116 in additional NOI potential provides investors with meaningful current income without relying on an extensive renovation or repositioning program. Located just north of Downtown Long Beach, 1019 Lewis provides convenient access to the city's employment centers, shopping, dining, transit and waterfront amenities.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Interior
Fireplace No
Laundry Common Area
Exterior
Pool None
Community Features Sidewalks
Total Parking Spaces 7
Private Pool No
Building
Lot Description 16-20 Units/Acre
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 7274009032
Energy Description 7492.0
Acceptable Financing Cash, Cash to New Loan, 1031 Exchange
Listing Terms Cash, Cash to New Loan, 1031 Exchange
Special Listing Condition Standard
Listed by Robert Stepp Keller Williams Realty Downey 310-463-2916, DRE #01456379