3020 E 3rd St Immeuble residentiel 12 lots 5 530 770 € (460 898 €/Lot) Taux de capitalisation 4,76 % Long Beach, CA 90814

Bluff & Oak at 3020 East 3rd Street is a pristine 12-unit apartment building in the prime East Long Beach submarket of Historic Bluff Heights. Re-built in 2024, this 100% occupied, impeccable turn-key asset has been fully renovated post Title-24. The asset is being offered with a guaranteed price to construct 3 additional units at the property, raising the going-in CAP rate to 5.59% in year 1 and 5.96% by year 3 with only 3% annual rent increases, while lowering the GRM to 12.92 in year 1. The asset also includes transferrable bonus depreciation study, whereby the new buyer can take full advantage of all the cost segregation done during construction. The accelerated depreciation is approx. $2,037,000 within the first 5 years of ownership, compared to depreciation of $728,568 over the first 5-years without such a study. Pocket neighborhoods like Bluff Heights have enjoyed visible improvement and value-enhancement, providing a long runway for investors seeking to outperform yields found in surrounding Coastal communities such as Huntington Beach, Seal Beach, or the South Bay. Bluff Heights boasts a diverse mixture of lovingly maintained bungalows, wherein tenants choose to live due to their charm and walkability. Bluff Heights Historic District represents a vibrant, established residential neighborhood in Long Beach. More than half the homes in the neighborhood are Craftsman bungalows, built between 1910–1923, but the oldest homes are Victorian.Recent single-family home sales range from c. $1.7mm to $3.29mm with a strong and growing household median income of $81,606. The essentially new construction asset has been completely re-built, including but not limited to:
All new plumbing (including waste pipes, water lines, backflow preventer, 2” water main), brand new individual unit water heaters, new electrical including new individual sub-panels, a brand new roof, new doors and windows, new exhaust fans, mechanized garage doors, all new landscape and hardscape including community amenities, new paint and façade treatments, new modern kitchens and baths, new Energy-Star appliances, and new interior designer fixtures throughout.