Condominium buy in Long Beach California

Waterstone Apartments is a 27-unit multifamily investment property located at 1600 North Stanton Place in Long Beach, California. Built in 1964, Waterstone Apartments offers a desirable mix of one and two-bedroom floor plans with amenities including gated access, private balconies (select units), and gated garage parking. Long Beach's strong rental metrics, including a 2021 vacancy rate of just 1.8 percent and year-over-year rent growth of 12.1 percent, are evidence of the substantial demand for rental units in the area. With current rents below market rates, Waterstone Apartments represents an attractive value-add opportunity for a new owner. Currently, 8 units have received substantial improvements including shaker-style cabinets, quartz countertops, vinyl flooring, stainless steel appliances and more. Through the continuation of this interior renovation plan, a new owner could potentially achieve a substantial 35.5 percent increase in rental income. Waterstone Apartments is situated in the Whittier neighborhood of Long Beach, just south of Pacific Coast Highway and the enclave city of Signal Hill. Residents enjoy convenient access to Long Beach City College, Pacific Coast Campus as well as Signal Hill's numerous parks and trails. Additionally, the property is situated in close proximity to a plethora of retail and dining options along Anaheim Street and Pacific Coast Highway. MLS® ID: OC22211555 Listed: 9/27/22 Updated: 10/4/22 Interior Features Total Bedrooms: 0 Total Bathrooms: 0 Laundry Description: None Exterior/Building Features Lot Size: 0.49 acres lot Lot Details: Street Level Sewer: Public Sewer Other Property Details Area Name: 699 - Not Defined HOA Amenities: Curbs, Sidewalks Garage: Yes Garage Spaces: 23 Parking: Y Parking Total: 23.0 View: N County: Los Angeles Water Source: Public Pool: No Pool Description: None Total Stories: 2 Zoning: LBR2N Listed by Tyler Leeson, Marcus & Millichap RE Invest, Based on information from California Regional Multiple Listing Service, Inc. as of 10/4/22. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.