Exclusive Listings

6-unit Value add with over 10% cash-on-cash in an Opportunity Zone

Address:
2185 Pacific Ave
Long Beach, CA 90806
Price:
$1,600,000
Status:
Available
Type:
Mixed-Use
# Units:
6
Year Built:
1958
Building Size:
6,612 SF
Lot Size:
4,708 SF
CAP Rate:
5.61
GRM:
12.08x
Price/Unit:
$267,000
Price/SqFt:
$242

The Growth Investment Group proud to exclusively offer 2185-89 Pacific Ave, a 6-unit value add mixed-use apartment/retail investment opportunity located in the City of Long Beach, CA. The property offers a rare opportunity for investors to get into a high cash-flow property on year-1 with upside potential in a strategic part of Long Beach (within OPPORTUNITY ZONE). The property has been in the same family since 1994 and owner is relocating to another state. With the right financing structure, investor can realize a high (over ±10%) cash-on-cash levered return!

 

The property is a 2-story, 6-unit mixed use building built in 1958. It has a total of 6,612 SF building size and situated on a 4,708SF lot; it has commercial zoning and located within an OPPORTUNITY ZONE. The 2nd floor units consist of 4 apartment units with 100% occupancy (owner is occupying 1 unit). It has 1 x 2bed+2bath, 1x 2bed+1.5bath, and 2 x 1bed+1bath units. 2 of the units have been partially upgraded. All tenants are on month to month and current rental income is significantly below market.

The ground floor consists of 2 retail units. The 1st retail unit is occupied by a long-time tenant that has been there for more than 10 years and are on month-to-month agreement. This retail unit size is ±1,800SF and current rent is significantly below market.  The 2nd retail unit has ±1,800SF in size and currently vacant (tenant recently moved out). Retail tenants pay their own utilities.

 

Each unit is separately metered for electricity and gas. There is a shared laundry area for all the tenants. There are 3 parking garages that the current owner is using personally. These garages will be delivered vacant and can further rented out to current tenants to bring even more income.

 

LOCATION AMENITIES AND ACCESS

The property is located on Pacific Ave, south of Hill St. It offers high visibility on Pacific Ave with ±15,000 average cars per day. It is within an Opportunity Zone and just several blocks away from Metro Blue Line station on Long Beach Blvd. Access to the water and downtown long beach area is ±2miles away. Tenants can enjoy this location’s amenities and conveniences as it is nearby many retail stores and shopping centers on Pacific Ave. It offers easy access to FWY 710 and Pacific Coast Highway (FWY 1). FWY 405 is several minutes north of the property.



INVESTMENT HIGHLIGHTS

  • A RARE High CASH FLOW investment with more than ±10% Y1 CASH-ON-CASH return levered, PLUS significant upside potential!
  • Long-time owner since 1994! Owner is exiting California real estate market!
  • Extremely attractive investment offering high CAP Rate, low price per SF with significant upside potential.
  • OPPORTUNITY ZONE investment!
  • Excellent frontage on Pacific Ave with ±15,000 traffic volume/day
  • Prime value-add deal (most tenants are month to month) with significant upside
  • FULL OCCUPANCY POSSIBILITY (seller will leaseback retail unit)

 

PROPERTY HIGHLIGHTS

  • Strategic location on Pacific Ave; minutes from Downtown Long Beach and the beach area; nearby markets, shopping centers, public transportation, and Metro Blue Line station
  • Two story mixed use with 4-units apartment on 2nd floor
  • Large building size and large units
  • Excellent unit mix with 2 x 2bed, 2 x 1bed, and 2 retail units.
  • Each unit is individually metered for electricity and gas, 3 garages that can be rented out, shared laundry area.
  • Several apartment units have been upgraded; Owner’s unit can be delivered vacant or occupied.

Due Diligence


Broker Contact

Han Widjaja-Chen
Direct: 626.594.4900
han.chen@growthinvestmentgroup.com

Justin McCardle
Direct: (909) 486-2069
justin@growthinvestmentgroup.com


Office:
999 S. San Gabriel Blvd.
San Gabriel, CA 91776
Phone: 626.594.4901
Copyright © 2021 GIG Real Estate, Inc. dba. Growth Investment Group - Corp. ID 02021933
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