1700 Pacific Ave

Highlights:

• New Windows, New Electric Panels (Main + Sub), New ABS Plumbing, & Roof in Good Condition
• Strong Income with 28% Upside in NOI
• Roof Deck, Onsite Parking, and Laundry Area
• ADU Potential for Additional Income and Equity Growth

Description:

YoungLewin is pleased to present a 10 unit investment opportunity located at 1700 Pacific Ave in Long Beach.
All major systems have been redone, including new electric (main and sub panels), ABS plumbing systems, new vinyl windows, and the roof is in great condition as well.
At a current 5.44% Cap Rate, and 11.2 GRM with upside to a 7.01% Cap Rate and 9.5 GRM, this is priced attractively & below the area average. In addition to all of the major improvements to the property, the tenants benefit from a rear roof deck, onsite laundry room (vacant), as well as onsite parking.
There is ample retail and dining options nearby, and being located just off Pacific Coast Hwy, the central location allows for easy commute to downtown, the beach, and easy access to 710/405 Freeways. The property is also steps away from numerous new construction apartment buildings, retail centers, the $176 million reconstruction of Washington Middle School’s five-acre campus & the $450 million Poly High School campus renovation.
In addition to the 28% upside in Net Operating Income, there is even more opportunity with the potential to convert the existing garage and rear parking area + roof deck into ADUs. One can reasonably get an additional 4+ units onsite for additional income and equity growth.

Downtown Long Beach is a highly sought after and walkable area, featuring the dining and entertainment amenities of Pine Avenue in addition to attractions like the Aquarium and Convention Center. There is a high demand for housing in Downtown Long Beach but the current supply is out dated and lacking amenities.