The Obispo Avenue Apartments is a pride of ownership, six-unit, multi-family community in the City of Long Beach. Located at 1413 Obispo Avenue, this investment presents a stable, low expense, turn-key opportunity with a 5.43% CAP Rate and 8.15% Total Return on current income. The subject property has two buildings which sit over a 7,426 square foot lot. The front building is comprised of (4) two bedroom/ one bath units, and the rear building is comprised of (2) one bedroom/ one bath units above four garages. The building has recently gone through extensive renovations and upgrades of interiors and exterior. Some of the upgrades include but are not limited to: new cabinetry, new PEX plumbing, updated electrical, granite counter tops, new kitchens, new bathrooms, new windows, new appliances, and new flooring. Some tenant amenities include washer/dryer hookups, ample on-site parking, and enclosed garages.
Listing courtesy of Greg Bassirpou from Marcus & Millichap RE Invest
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