2500 2506 E Spaulding StreetLong Beach, CA 90804

Description

2500-06 East Spaulding Street is an updated 18-unit apartment property in Zaferia, a largely built-out submarket of East Long Beach. Built in 1962, the two-building, 14,866-square-foot property is offered at $4,995,000, or $277,500 per unit and $336 per square foot. All 18 units are updated two-bedroom, one-bath floor plans, and the building has fresh two-tone exterior paint and a central courtyard. In-place rents of $37,871 per month carry a 6.2% capitalization rate on $307,432 of net operating income, and the $40,500 per month the unit mix supports at market takes net operating income to $333,657 and the return to 6.7%. Eight enclosed garages, eight open parking spaces and two onsite laundry rooms give the building amenity depth uncommon at this size. RUBS, parking and pet income add $1,790 per month in ancillary revenue. Each unit is individually metered for electricity, giving residents direct control over utility costs and holding the owner-paid expense load down. Gated keypad access adds security and supports longterm tenant retention. Interiors feature stainless steel appliances, wood-look plank flooring, and ceiling fans, finishes that support durable occupancy and continued rent growth in one of Long Beach’s most walkable neighborhoods.

Property Information

Property type

Residential Income

Sub-type

Apartment

Year built

1962

Stories

2

Building area

14,886 Sq Ft

Lot size

0.30 acres

Garage spaces

8

Parking spaces

16

Days on market

5

MLS^® Listing#

PW26223076

Property Features

Pool

None

Laundry

Common Area

Lot features

Irregular Lot

Community

Sidewalks

Sewer

Public Sewer

Water source

Public

Parcel number

7260019020

Directions

Driving West on PCH, Turn Left Onto Junipero Ave., Turn Left Onto E. Spaulding St., Property Will be on Your Right