4126 Elm Ave, Long Beach, CA 90807

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Residential Income Active

4126 Elm Ave

$3,100,000

Overview

Property ID: HZPW26208894

Apartment
Property Type

9
Garages

1977
Year Built

Description

We are pleased to present 4126 Elm Ave, an 8 unit condo-quality trophy investment opportunity in Long Beach’s Bixby Knolls. Built in 1977, the two-story building sits just two blocks off of the Atlantic Avenue corridor and just a few miles from the ocean and Downtown Long Beach.

The 9,761 SF building sits on a 10,755 SF lot with an unusually large unit mix: three 1+1 units, four 2+2 units and one 3+2.5 owner’s unit, with the average SF of each unit being roughly 1,220 SF. Each unit has its own fireplace, heating and air conditioning, patio or balcony and garage parking, which is currently provided at no charge, providing immediate additional upside for a new buyer.

Current rents average $2,256 against market rents of $3,008 — about 33% of upside — taking the property from a 4.23% cap rate to 6.91% pro forma. Bixby Knolls is a Walk Score 84 neighborhood anchored by the Atlantic Avenue corridor, SteelCraft Long Beach and the Expo Arts Center, with the 405 a mile south and Long Beach Airport under four miles away.