2260 Santa Fe Avenue
Long Beach, CA 90810

Exceptional investment opportunity featuring two adjacent street-to-street parcels, available for only $128,824 per unit. The property includes 2260 Santa Fe Ave, which consists of 31 studios and one 1-bedroom, 1-bathroom unit, and 2261 Adriatic Ave, comprising two 3-bedroom, 1-bathroom stand-alone units. This investment offers a current CAP rate of 6.69% and a pro-forma CAP rate of 8.51%, alongside a current GRM of 8.94 and a pro-forma GRM of 7.73.The property boasts 16 uncovered parking spaces and a coin-operated laundry facility. It is master-metered for the 32 units and separately metered for the duplex on Adriatic. The Santa Fe Ave building has been operating as an apartment building for decades and was previously a residential care facility. A site plan has received approval with conditions from the City of Long Beach for conversion to apartments. The buyer has the option to proceed with the city's conversion process or operate the asset under allowable uses per the municipal code for the sites zoning. For more information, please contact the listing team.