5505 Ackerfield Avenue, Long Beach, CA 90805
Price: $16,500,000
Units: 55
Year Built: 1969
Size: 49,984 SF
Current Cap Rate: 5.2%
Current GRM: 12.39
Price per SF: $330
Pacific Cove Apartments is a 55-unit investment asset with solid in-place income and tenant retention in North Long Beach. The property has a tract map for condominiums and may be exempt from AB 1482.
ATTRACTIVE APARTMENT COMMUNITY The property is comprised of five buildings on almost two acres, and offers an attractive mix of spacious one, two and three-bedroom units. Community amenities include controlled-access entry, gated pool and sun deck, BBQ and dining area, onsite leasing office, laundry facility and ample parking. Three-bedroom units come with garage parking and one and two-bedroom units come with carport parking.
CONVENIENT LONG BEACH LOCATION Located on a quiet residential cul-de-sac, the property offers convenient commuter access to major thoroughfares as well as the 91 and 710 freeways. Amenities for daily errands are in close proximity.
STRONG IN-PLACE INCOME The current owner is a seasoned Section 8 operator with an average occupancy rate of 98% with solid collections. Pacific Cove Apartments is offered at 12.39 times gross and a 5.20% cap rate on in-place rents, providing a buyer with strong immediate cash flow.
