Property Description:
319 Hermosa Avenue is a wonderful opportunity to purchase a well located and attractive apartment building in the quiet neighborhood of Alamitos Beach in Long Beach, CA. The property was constructed in 1933 and consists of two two-story buildings and a center patio/courtyard area. The unit mix consists of 9 Studios and 8 1 Bedroom/1Bath Units. The property is master metered and is in fair condition. This is a small scale fixer opportunity where a new owner can convert the meters and cosmetically rehab the units to raise rents and acheive a 6.5% CAP rate (with underwritten expenses of 40% of GSI) only four blocks to the beach.
Location Description:
Only 4 blocks to the beach 319 Hermosa is in the East Alamitos Beach neighborhood of Long Beach. Hermosa Avenue is one block east of Cherry, and the 300 block is 4 blocks north of the ocean. This location allows easy travel to Downtown LB, Belmont Shore, and all the attractions of the beach.
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