Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 1625 Redondo Avenue, a 36-unit multifamily investment property located in Long Beach, California. The property is located within the highly sought after Eastside neighborhood of the city. The area provides a strong, diverse tenant base, easy transportation access, and proximity to a wide range of retail options. The property also sits within two miles of California State University, Long Beach.
Situated on a 0.76-acre lot, the 32,841 square foot property consists of studio, one-, and two-bedroom floor plans and offers amenities including ample garage parking, controlled access, private balconies, a central courtyard, elevator, and on-site laundry. Thirty-one of the units have been significantly renovated with upgraded kitchen stainless steel appliances, quartz countertops, vinyl flooring, and updated bathrooms. Additionally, there are numerous third-floor units with ocean and city views.
Long Beach’s low vacancy rate (4.00 percent) and strong year-over-year effective rent growth (4.90 percent, 2Q 2018) make Long Beach an attractive market for investors.
Given the strength of the overall apartment market within the city of Long Beach, the property offers an investor the ability to capture quality tenants seeking a great neighborhood with convenient access to a wide variety of activities, transportation, and retail amenities. This overall demand will be the driver in creating a very strong apartment investment at 1625 Redondo Avenue.