1225 Bennett Avenue Pending Save Request In-Person Tour Request Virtual Tour
Long Beach,CA 90804
Key Details
Property Type Commercial
Sub Type Other
Listing Status Pending
Purchase Type For Sale
Square Footage 16,503 sqft
Price per Sqft $312
MLS Listing ID CRPW25125963
Year Built 1987
Lot Size 0.277 Acres
Property Sub-Type Other
Property Description
1225 Bennett Avenue presents a rare opportunity to acquire a well-maintained 17-unit apartment building in a prime East Long Beach location. Built in 1987 and situated on a sizable 12,065 SF lot, this 16,503 SF, three-story property offers a highly desirable unit mix and significant rental upside in one of the strongest rental submarkets in the area. The building features (4) 2-bedroom, 2-bath units, (11) townhome-style 2-bedroom, 2.5-bath units, and (2) studio lofts-designed to attract a diverse tenant base seeking spacious, functional living space. With a current CAP rate of 3.73% and a projected proforma CAP of 7.00%, the property offers approximately 60% upside in rents, making it a compelling value-add opportunity for investors. On-site amenities include a parking garage with 32 spaces and (2) shared laundry rooms. Priced at $302K per unit and $312 per square foot, the asset is competitively positioned within the market. Ideally located in East Long Beach, the property is just blocks from Recreation Park Golf Course and less than two miles from the Long Beach Traffic Circle-home to some of the city's best retail, dining, and entertainment. Whether you're looking to stabilize a well-located asset or reposition it for stronger returns, 1225 Bennett Avenue offers a rare chance
Location
State CA
County Los Angeles
Zoning LBCC
Interior
Laundry Common Area
Building
New Construction No