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+15304335339
Troy Davis Real Estate Inc.
1503 N Stanton Place, Long Beach, CA 90804
- $2,375,000
- 20
- BD
- 10
- BA
- 6,710
- SqFt
- List Price
- $2,375,000
- Status
- Active
- MLS#
- 26104747
- Year Built
- 1960
- Bedrooms
- 20
- Bathrooms
- 10
- Living Sq. Ft
- 6,710
- Lot Size
- 9,011
- Days on Market
- 8
- Property Type
- Multifamily
- Stories
- Multi Level
Property Description
1503 Stanton Pl | 10-Unit Multifamily, Long Beach. This 1960-built asset totals 6,710 SF across a front and rear building on a 10,736 SF R-2-N lot in Long Beach's Zaferia neighborhood, a short walk from neighborhood shopping and 1.2 miles from Long Beach City College. The property features (10) 2BR/1BA units averaging 671 SF. Eight of 10 units are occupied at an average rent of $2,008 against a $2,095 market rent, and Units 1 and 4 are delivered vacant for the buyer to lease at market. Offered at $2,375,000 ($237,500/unit | $353.95/SF) with a 7.13% cap rate at lease-up, the real story is yield: a cap rate above every comparable sale reporting one, with a 7.48% pro forma reached through natural turnover and no renovation program.
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Listing courtesy of Listing Agent: Taylor Avakian (taylor@lyonstahl.com) from Listing Office: Lyon Stahl Investment Real Estate, Inc..
Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.