3600 3620 S Santa Fe AVE Long Beach, CA 90810

**Price Reduction** 3 buildings Mixed use with 1 neighborhood commercial shops building and two residential buildings on a large 16,500+ square foot lot in West Long Beach. The residential buildings consist of a two story 12-unit complex and a one story 7-unit structure. This Carson adjacent property is all about stable cash flow at over 6% cap rate on current income! The unit mix consists of 18 studio apartments, 1 one-bedroom apartment, 1 mini market convenience store, and 1 barber shop (total of 21 units). The two retail leases are long term tenants with 10+ years and built in annual CPI increases with long term leases. This pocket of Long Beach is a consistently high demand residential area with great access to regional freeways and central to employment hubs. There may be an additional 16% upside remaining in rents with prudent and cost effective unit upgrades.

The as-is cap rate is estimated to be 6.13% with a 7.54% cap rate on market rents. The acquisition Gross Rent Multiplier is 10.59 and may go as low as 9.11 with unit upgrades. The property generates additional streams of income with parking, laundry, and storage fees plus RUBS utility reimbursements and property tax reimbursements from retail leases. The park like grounds of the property are inviting and tranquil which has contributed to long term tenant retention.