310 W. 8th Street

Long Beach CA

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Overview

310 W. 8th Street, Long Beach CA 90813

Price: $3,300,000
Units: 10 
Year Built: 1929 
Building Size: 8,945 SF
Current Cap Rate: 4.9%
Current GRM: 13.40 
Market Cap Rate: 5.5%
Market GRM: 12.5 
Price per Unit: $330,000
Price per SF: $369 

310 W. 8th Street in a meticulously renovated investment asset in up-and-coming Willmore City Historic District in booming Downtown Long Beach. The property offers ten spacious, bright one and two-bedroom units with open floor plans. Nine of the ten units have been completely renovated with recessed lighting, in-unit washer/dryers and high-end fixtures and finishes throughout. Exterior renovations include fresh paint, drought-resistant landscaping and stunning modern lighting, all providing incredible curb appeal. The building's electrical and plumbing systems have been updated. Eight parking spaces comprised of four garages and four tandem spaces, as well as newly built storage units provide additional income. With a Walkscore of 90, the property is conveniently accessible to copious employment opportunities and all of the shopping, dining and nightlife amenities available in thriving Downtown Long Beach. Additionally, the 7th Street entrance to the 710 freeway is just around the corner, providing quick and easy access out of the city. 310 W. 8th Street offers a new buyer a turn-key asset in a rapidly changing and dynamic Downtown Long Beach location, with 8%+/- rental upside potential by renovating the 10th unit and leveling rents.

Investment Highlights

Ten spacious, bright one and two-bedroom units with open floor plans

Nine units beautifully remodeled with recessed lighting, high-end fixtures and finishes and in-unit washer/dryers

Upgraded electrical system and mostly copper plumbing throughout

Full exterior renovations include modern lighting, drought-resistant landscaping and fresh paint

Garages and newly-built storage provide additional income

Up-and-coming Downtown Long Beach neighborhood - 90 Walkscore

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