Village Chateau Apartment 518 E 4th St Immeuble residentiel 28 lots 4 526 412 € (161 658 €/Lot) Taux de capitalisation 6,82 % Long Beach, CA 90802

"Village Chateau" is a 28 unit property located in the East Village Arts District. The property has a walk score of 92 and is surrounded by a multitude of dining options and retail.
The Village Chateau was built in 1989 and has a unit mix consisting of 4 - Studios and 24 - 1BR/1BA. The property is 5 stories and has an elevator which was just updated. Improvements total 14,376 square feet which sit on a 7,286 sq ft lot. There is an onsite laundry facility and many of the units have patio/balconies for tenants to enjoy...balconies already inspection per SB 721. There is ground level onsite and secured parking for approximately 12 cars. The first floor has a lobby which has re-tiled floors, automated doors and intercom. The roof was repaired and resealed in 2015 with a 50 year warranty from Gaco. Overall the building has been very well maintained by current ownershipo.
The Village Chateau has a covenant which requires all units to be leased to tenants that are lower income and at least 62 years old. The property is priced well and offered at a real 6.82% CAP and 9.06 GRM off actual income and expenses.