Clair Del Arms

Long Beach, CA 908074800 Clair Del Ave.

Property Type: Multifamily
Sold/Closed

Details

  • Price: $23,000,000
  • Cap Rate: 2.57%
  • GRM: 18.63
  • Cost per SF: $381.05
  • Cost per unit: $216,981
  • Year Built: 1969
  • Square Footage: 60,360
  • Lot Size: 102,888 SF
  • Units: 106
  • No. Stories: 2
  • Parking: 108
  • Transaction Type: Sold/Closed
  • Property Type: Multifamily
  • Zoning: LBR4N
  • Building Class: C
  • APN/Parcel ID: 7152-001-008
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Property Description

Lucrum is proud to announce that we’ve successfully gone non-contingent on Clair Del Arms., a 106-unit value-add opportunity located in the Bixby Knolls sub-market within the City of Long Beach, California.

The property located at 4800 Clair Del Ave. was built in 1969 and consists of 106 spacious units, totaling 60,360± BSF. The diverse unit makeup of the property is comprised of (43) Studio+1-baths,(54) 1-bedroom + 1-baths, and (9) 2-bedroom + 1-bath units, situated on just over 2.36± acres, zoned R4.

The units range from original condition to slightly upgraded. Current unit amenities include high-speed internet, heating, and wall unit air conditioning, with select units offering laminate wood flooring.

Common area amenities include controlled access, a sparkling swimming pool, a community clubhouse with a fitness center, on-site laundry facilities as well as 108 individual parking garages.

Nestled in northern long Beach, Bixby Knolls is a family-friendly neighborhood brimming with character. Atlantic Avenue, which is two blocks west of  Clair Del Arms, serves as the main commercial thoroughfare touting an array of independently owned restaurants, specialty shops, and boutiques.

Bixby Knolls exudes a distinct sense of community spirit with the strong support of local businesses and special events such as FirstFridays, Bixby Saturday Nights, and Concerts in the Park, among many others.

Rentals in Bixby Knolls include a wide variety of apartments, condos, townhomes, and houses. Residents are conveniently near Long Beach Airport as well as golfing destinations like the Virginia Country Club, Lakewood Golf Course, and Skylinks at LongBeach. Commuting from Bixby Knolls is a breeze with access to Interstates 405 and 710, making it easy to commute to either downtown Long Beach or Los Angeles.

PROPERTY HIGHLIGHTS

  • 106 units comprised of (43) studios, (54) 1-bedrooms, and (9) 2-bedroom units.
  • Value-add garden-style apartment located in the Bixby Knolls sub-market.
  • The property offers an unbelievable 78% upside in current rents.
  • Allowable annual rent increase amount of 5% + Consumer Price Index (CPI)
  • Situated on over 2.36±acre lot, zoned LBR4N.
  • 108 individual parking garages.
  • Swimming pool, clubhouse, gym, picnic area, and laundry room located on-site.
  • Located minutes from the revitalized and bustling downtown Long Beach.
  • $79,258 median HH Income within a 1-mile radius of the property.

Sales Team

Raymond A. Rodriguez IV

Founding PartnerMultifamily Investment Sales
866.582.7865 ray@lucrumre.com CA License: 01402283 Download Bio

Mathew Gates Freedman

PartnerCommercial Real Estate Sales
818.585.6888 matt@lucrumre.com CA License: 01487954 Download Bio

Scotty Weisstein

PartnerMultifamily Investment Sales
818.205.8847 scotty@lucrumre.com CA License: 01483264 Download Bio

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Once you schedule a call, you’ll have taken the first step to getting the representation you deserve.

4353 Park Terrace Drive #100
Westlake Village, CA 91361