2055 E 3rd Street, Long Beach, CA 90814

Property Description

Casa 2055 is a pristine 13-unit multifamily investment asset located at 2055 E. 3rd Street in the prime rental submarket of Alamitos Beach. Of the 13 units, the property offers a favorable mix:one 2 BD/1 BA, six 1 BD/1BA, four of which have dens, and six studio units, four of which have brand-new high end murphy beds; all of which are sizable Casa 2055 provides a new buyer with a very rare opportunity to acquire an attractive, meticulously renovated, turnkey and fully stabilized asset in a highly desirable rental market boasting strong cash-flows with long-term appreciation. Revenue increases can be achieved over time through parking, storage and yearly market-permitted rent increases. Casa 2055 has undergone extensive exterior and interior renovations, electrical, plumbing and mechanical system upgrades, which total over $600K in capital expenditures (see pages 14 and 15 of the offering memorandum for a complete list of renovations). “ Spanish Revivalist" facade marries Old World Charm with designer amenities, the improvements enhance the Hacienda-style architecture with a timeless and contemporary aesthetic. Spanish tiling, ironwork, dark hardwood flooring, period correct built-ins and casement windows are married with modern appliance packages, amenities and best in-class interior finishes. Open-air hallways and walkways meander towards a drought tolerant landscaped common courtyard, providing a Spanish coastal chic indoor-outdoor ambiance. The central courtyard has the potential to be transformed into areas for dining, lounging and entertaining. The property is located in AlamitosBeach, a neighborhood popular with young urban professionals and families, nestled between Alamitos Beach and Belmont Heights. With a walk score of 94 and bike score of 88, the area offers residents a plethora of outdoor recreation and cultural destinations. The property is walkable to the dining and shopping amenities along 4th Street / Retro Row.. Real Property Management Southland (RPM) is the in-place property management company for Casa 2055. Based in Long Beach and founded in 2014, RPM employs a combination of eight experienced full-time team members, part-time onsite property managers, a deep bench of reliable trade vendors, and best-in-class technology systems to deliver efficient property management services at attractive fees.