1118 E 17th Street, a four-unit apartment building in Long Beach. This is the highest CAP rate 4 plex on the market in the city. The vacant unit, paired with historically low interest rates, provides a unique opportunity to owner-occupy and have the other tenants pay your mortgage, all expenses and still yield a NET POSITIVE RETURN!!!
The four-unit building is comprised of four (4) three-bed/one-and-a-half-bath two-story townhouse style units and was built in 1970. The units all have in-unit laundry, private patios and dual pane windows. There are 5 parking spaces available for tenants and a storage room that is currently used by the owner. The units are separately metered for gas and electricity and the owner recently had the water submetered to minimize landlord expenses. The complex also offers secure gated entry from both the front and rear of the parcel.
1118 E 17th Street provides an exciting opportunity to owner-occupy and/or acquire a positive cash flowing asset in a city that has and will see the steepest trajectory of growth in Southern California. While currently positioned at a current 12.79 GRM and 5.85% CAP rate, the subject property has potential upside to a 11.60 GRM and 6.63% CAP rate.