1030 Myrtle Avenue, Long Beach, CA 90813

2005 construction and just outside of downtown Long Beach, this quadruplex has three large 3 bedroom 1 bathroom apartments, and one 1 bedroom 1 bathroom apartment.  The strong income in place has this building at a GRM of 13.3X and a cap rate of 4.2%, and there is approximately 15% upside in the rents.  The building features onsite laundry in select units, a large 2 car garage for each unit with extra parking on the driveway, and is separately metered for gas and electricity.  There is a path to substantial upside via the conversion of some of the 8 garage spots to ADUs, as well as offsetting some of the expenses through the use of RUBS.The building is just 3 blocks North of Downtown Long Beach, with ongoing new developments of over $8 Billion.  It offers excellent transit access only a few blocks to the metro blue line rail station, PCH, and the 710 freeway.  Over 60% of households within 5 miles are renters with an average household income of over $94,000.  (Per Costar)