2260 Santa Fe Avenue
Long Beach, CA 90810
- – beds
- – baths
- – sqft
- ~3/4 acre lot
- 1950 build
- 221 days on site
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HIGH YIELD - 8% CASH-ON-CASH RETURN w/ FINANCING AVAILABLE AT JUST 25% DOWN!!!!! pleased to present the opportunity to acquire 2260 Santa Fe Avenue and 2261 Adriatic Avenue, an investment property located in the vibrant Westside Long Beach submarket. These two adjacent parcels are situated in a high-demand area, offering a unique mix of unit configurations and robust investment potential. The properties are strategically positioned to benefit from Long Beach's ongoing urban development and revitalization efforts, providing residents with easy access to transportation, employment hubs, and diverse retail and entertainment options. 2260 Santa Fe Avenue is comprised of thirty-one (31) studio units and one (1) one-bedroom/one-bath unit, while 2261 Adriatic Avenue features two (2) standalone three-bedroom/one-bath units. Together, these properties include a total of 34 units, 16 uncovered parking spaces, and a coin-operated laundry facility, enhancing tenant convenience and income potential. The Santa Fe Avenue property currently operates as an apartment building and has for many years, per the Seller. A site plan has received approval with conditions from the City of Long Beach for legalization of an unpermitted conversion of a senior group residence into apartments. The buyer has the option to proceed with the city's conversion process or chose to operate the asset under allowable uses per the municipal code for the sites zoning. At an exceptional price of $120,000 per unit, this offering presents an attractive investment with a current 7.36% CAP rate and a pro forma 9.22% CAP rate. The current gross rent multiplier (GRM) stands at 8.27, with a pro forma GRM of 7.20, indicating significant upside potential. This investment not only promises strong cash flow and value appreciation but also offers the opportunity to capitalize on Long Beach's thriving real estate market.
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Last updated Jan 17, 2025
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MLS# SB24156797 —
The Building
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Year Built:1950
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Year Built Source:Assessor
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New Construction:No
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Building Area Total:12500.00
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Building Area Units:Square Feet
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Total Number Of Units:34
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# of Buildings:3
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Stories Total:1
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Entry Level:1
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Common Walls:No Common Walls
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# of Separate Gas Meters:3
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# of Separate Water Meters:2
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# of Separate Electric Meters:3
Interior
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Entry Location:1
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Laundry:Community
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Laundry:1
Location
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Directions:Santa Fe Ave between W Hill St and W23rd St
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Latitude:33.79835000
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Longitude:-118.21503700
The Property
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Property Type:Residential Income
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Subtype:Commercial/Residential
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Zoning:LBR4R
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Lot Features:Lot 20000-39999 Sqft
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Lot Size Area:31980.0000
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Lot Size Acres:0.7342
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Lot Size SqFt:31980.00
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Lot Size Source:Other
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Additional Parcels:Yes
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Additional Parcels Description:7401031002
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Land Lease:No
Listing Agent
- Contact info:
- No listing contact info available
Taxes
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Tax Block:7
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Tax Census Tract:5727.00
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Tax Lot:2
The Listing
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Special Listing Conditions:Standard
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Parcel Number:7401031003
Utilities
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Sewer:Public Sewer
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Water Source:Public
The Community
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Subdivision:Westside/South of Willow (WSW)
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Subdivision:Westside/South of Willow (WSW)
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Features:Curbs
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Pool:None
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Senior Community:No
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Private Pool:No
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Transit Score®
Provided by WalkScore® Inc.
Transit Score measures a location's access to public transit. It is based on nearby transit routes frequency, type of route (bus, rail, etc.), and distance to the nearest stop on the route. Transit Scores range from 0 (Minimal Transit) to 100 (Rider’s Paradise).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Sale history
| Date | Event | Source | Price | % Change |
|---|---|---|---|---|
|
12/24/24
Dec 24, 2024
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Sold | CRMLS_CA | $3,725,000 | -8.7% |
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11/13/24
Nov 13, 2024
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Pending | CRMLS_CA | $4,080,000 | |
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10/22/24
Oct 22, 2024
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Sold Subject To Contingencies | CRMLS_CA | $4,080,000 |
