1512 Sherman Place, Long Beach, CA 90804
- $2,800,000
- 20
- BD
- 11
- BA
- 9,320
- SqFt
- List Price
- $2,800,000
- Status
- ACTIVE
- MLS#
- 26987109
- Year Built
- 1963
- Bedrooms
- 20
- Bathrooms
- 11
- Living Sq. Ft
- 9,320
- Lot Size
- 8,496
- Acres
- 0.20
- Days on Market
- 7
- Property Type
- Multifamily
- Stories
- Multi Level
Property Description
1512 Sherman Pl | 11-Unit Multifamily, Long Beach. 1963-built asset totaling 9,557 SF on a 15,291 SF lot in an established residential corridor near Long Beach's Eastside. The property features a balanced mix of six 2+1 units, three 1+1 residences, and two 3+2 units with eleven on-site parking spacesa structural advantage in this supply-constrained submarket. All eleven units are currently occupied and fully stabilized, with in-place rents averaging $2,129/month against market rents of $2,185 and the entire portfolio positioned to capture rent growth at each lease renewal through Long Beach rent control. Offered at $2,800,000 ($254,545/unit | $292.98/SF) with a 6.62% in-place cap rate, the real story is operational simplicity and organic growtha 6.88% pro forma cap and immediate distribution capacity as rents normalize through turnover with zero capex required.
Additional Information
- Heat
- None
- Cooling Description
- None
- Attached Structure
- Detached
- Number Of Units Total
- 11
Listing courtesy of Listing Agent: Taylor Avakian (taylor@lyonstahl.com) from Listing Office: Lyon Stahl Investment Real Estate, Inc..
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