1751 Loma Avenue, Long Beach, CA 90804

$7,400,000
22,006
SqFt
List Price
$7,400,000
Price Change
▼ $450,000 1557963916
Status
ACTIVE
MLS#
PW19086545
Year Built
1964
Living Sq. Ft
22,006
Lot Size
16,685
Acres
0.383
Lot Location
21-25 Units/Acre
Days on Market
122
Property Type
Multifamily
Neighborhood
Circle (Ca)

Property Description

The Loma View Apartments, located at 1751 Loma Avenue, is a 24-unit value-add asset in the Eastside/Traffic Circle area, a central, accessible and highly-sought-after rental location in Long Beach. The balcony-style building offers a mix of sizable (4) three-bedroom/two-bathroom, (10) two-bedroom/two- bathroom, (8) two-bedroom/one-bathroom and (2) one-bedroom/one-bathroom units with on-site laundry, ample parking and a community swimming pool. Located in a convenient and accessible location with a changing demographic. This demographic is looking for higher-end amenities found in the brand new buildings in Downtown Long Beach and near the shoreline, but with the accessibility of the Traffic Circle location and its close proximity to major thoroughfares leading to nearby employment opportunities and retail amenities for daily errands and living needs. This is an excellent repositioning opportunity to capture a more affluent demographic. The existing pool area and central courtyard area provides an excellent opportunity for repositioning to appeal to this more affluent demographic coming into the area. In addition to the community areas, one unit has been fully renovated to demonstrate the potential for upgrading all units to capitalize on the area's increasing market rents. The Loma View Apartments offers investors a rare opportunity to own a value-add asset with 20%+/- rental upside potential in a rapidly developing and central submarket.

Additional Information

Tract Number
5751
Lot Description
Gated Community, Sidewalks, Street Lights, Urban
Pool Description
Community
Garage Spaces Total
25
Sewer
Public Sewer
Water
Public
Attached Structure
Attached
Total Number of Units
24

Mortgage Calculator

Amount of Loan
Annual Interest Rate
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Term of Loan
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Calculator source: Real Geeks

Listing courtesy of Robert Stepp from Keller Williams Pacific Estate

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.