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248 E Artesia Blvd 7 Unit Apartment Building $2,058,982 CAD ($294,140 CAD/Unit) 6.69% Cap Rate Long Beach, CA 90805
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to present to market 248 East Artesia Boulevard, a seven-unit apartment building in Long Beach, California. This offering is a great opportunity to acquire an asset with a desirable unit mix and 16 percent rental upside at a 6.69 percent current cap rate.
248 East Artesia Boulevard is a 1963 construction two-story building with five two-bed/one-bath and two one-bed/one-bath units that are separately metered for gas and electricity. The building features copper plumbing and also offers on-site laundry and five tuck-under parking spaces.
The property is located in North Long Beach proximate to the 91 and 710 Freeways and one block to Starr King Elementary. This area is a strong rental submarket with consistently low vacancy rates.
248 East Artesia Boulevard is offered as part of a portfolio sale along with 228 East Artesia Boulevard, a six-unit building just six parcels away. Properties may be acquired separately or together.
248 East Artesia Boulevard is a 1963 construction two-story building with five two-bed/one-bath and two one-bed/one-bath units that are separately metered for gas and electricity. The building features copper plumbing and also offers on-site laundry and five tuck-under parking spaces.
The property is located in North Long Beach proximate to the 91 and 710 Freeways and one block to Starr King Elementary. This area is a strong rental submarket with consistently low vacancy rates.
248 East Artesia Boulevard is offered as part of a portfolio sale along with 228 East Artesia Boulevard, a six-unit building just six parcels away. Properties may be acquired separately or together.
PROPERTY FACTS
| Price | $2,058,982 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $294,140 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.12 AC |
| Cap Rate | 6.69% | Building Size | 5,112 SF |
| Gross Rent Multiplier | 9.56 | No. Stories | 2 |
| No. Units | 7 | Year Built | 1963 |
| Property Type | Multifamily | Parking Ratio | 0.71/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R3T, Long Beach - High-Density Residential Zoning | ||
| Price | $2,058,982 CAD |
| Price Per Unit | $294,140 CAD |
| Sale Type | Investment |
| Cap Rate | 6.69% |
| Gross Rent Multiplier | 9.56 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 5,112 SF |
| No. Stories | 2 |
| Year Built | 1963 |
| Parking Ratio | 0.71/1,000 SF |
| Zoning | R3T, Long Beach - High-Density Residential Zoning |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Kitchen
- Refrigerator
- Tub/Shower
- Freezer
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 2 | - | 700 |
| 2+1 | 5 | - | 800 |
1 1
Walk Score®
Very Walkable (75)
PROPERTY TAXES
| Parcel Number | 7303-012-042 | Improvements Assessment | $975,382 CAD |
| Land Assessment | $294,321 CAD | Total Assessment | $1,269,704 CAD |
PROPERTY TAXES
Parcel Number
7303-012-042
Land Assessment
$294,321 CAD
Improvements Assessment
$975,382 CAD
Total Assessment
$1,269,704 CAD
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248 E Artesia Blvd
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