4126 Elm AveLong Beach, CA 90807

Description

We are pleased to present 4126 Elm Ave, an 8 unit condo-quality trophy investment opportunity in Long Beach's Bixby Knolls. Built in 1977, the two-story building sits just two blocks off of the Atlantic Avenue corridor and just a few miles from the ocean and Downtown Long Beach. The 9,761 SF building sits on a 10,755 SF lot with an unusually large unit mix: three 1+1 units, four 2+2 units and one 3+2.5 owner’s unit, with the average SF of each unit being roughly 1,220 SF. Each unit has its own fireplace, heating and air conditioning, patio or balcony and garage parking, which is currently provided at no charge, providing immediate additional upside for a new buyer. Current rents average $2,256 against market rents of $3,008 — about 33% of upside — taking the property from a 4.61% cap rate to 7.47% pro forma. Bixby Knolls is a Walk Score 84 neighborhood anchored by the Atlantic Avenue corridor, SteelCraft Long Beach and the Expo Arts Center, with the 405 a mile south and Long Beach Airport under four miles away.

Property Information

Property type

Residential Income

Sub-type

Apartment

Year built

1977

Stories

2

Building area

9,761 Sq Ft

Lot size

0.25 acres

Garage spaces

9

Parking spaces

10

Days on market

46

MLS^® Listing#

PW26208894

Property Features

Pool

None

Laundry

Common Area

Community

Curbs · Golf · Park · Suburban

Sewer

Public Sewer

Water source

Public

Parcel number

7139007005

Directions

North of Carson Between Atlantic Ave & Long Beach Blvd