$2,200,000 - 914 Loma Vista Drive, Long Beach

  • 5Beds
  • 4Baths
  • 0SQ. Feet
  • 0.20Acres

Please see attached Offering Memorandum for additional information. Beautiful 914 N. Loma Vista Drive is a charming 8 unit apartment complex adjacent to dynamic downtown Long Beach. This property features four standard one-bedroom, two deluxe one-bedroom, and two balcony one-bedroom apartments. The property has been substantially improved by its current owner who has owned & operated it for 7 years. During that time, the current owner has invested a total of over $148,000 in capital expenditures to the property, completing major renovations on 6 of 8 units and contributing $46k+ into the building exterior. These improvements have yielded an increase of the annual rent roll from $70,752 in 2015 to $136,476 today (an increase of 92.89%). The property is being offered at a price of $2,200,000, which is an attractive 15.92X multiple of current gross rents (12.93X on market rents) and a Cap Rate on current rents of 3.90% (5.23% on market rents).

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Sales Agent

Sam SmithBeach Cities Real EstatePhone: 562-355-8228 Cell: 562-355-8228 Contact Agent Now

Essential Information

  • MLS® #:PW23193787
  • Price:$2,200,000
  • Bedrooms:5
  • Bathrooms:4.00
  • Acres:0.20
  • Year Built:1922
  • Type:Residential Income
  • Sub-Type:Mixed Use
  • Status:Active
  • Listing Agent:Scott Burns
  • Listing Office:JMS Manage Sell PC

Community Information

  • Address:914 Loma Vista Drive
  • Area:4 - Downtown Area, Alamitos Beach
  • Subdivision:Drake Park (DP)
  • City:Long Beach
  • County:Los Angeles
  • Zip Code:90813

Amenities

  • Parking:None
  • Garages:None
  • Pool:None

Interior

  • # of Stories:2
  • Stories:Two

Exterior

  • Lot Description:6-10 Units/Acre, Near Park

Additional Information

  • Date Listed:October 1st, 2023
  • Days on Market:192
  • Zoning:LBPD10

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  • City:
    Long Beach
  • Price Range:
    $725,000 - $4,500,000
  • Current Listings:
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  • HOA Dues:
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  • Average Price per Square Foot:
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Alamitos Beach (ab)

Downtown (dt)

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  • Price Range:
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  • Current Listings:
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  • HOA Dues:
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  • Link:
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Based on information from California Regional Multiple Listing Service, Inc. as of April 27th, 2024 at 9:55am CDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.