$3,700,000

1019 Lewis Avenue presents the opportunity to acquire a substantially renovated 16-unit multifamily property offering strong in-place cash flow, a stable income profile and additional rental upside in a highly walkable north Downtown Long Beach location. Offered at $3,900,000, the property generates a 7.00% current cap rate, with upside to a 8.14% market cap rate as rents move toward market levels. Ownership has invested approximately $400,000 in capital improvements, significantly reducing near-term capital expenditure requirements for a new investor. Fifteen of the property's 16 units have been fully renovated, while major building improvements include a new roof on one building, a newly sealed roof on the second building, a new 400-amp main electrical panel, upgraded subpanels and majority copper plumbing. The property features a highly desirable unit mix consisting of (14) 2BD/1BA units and (2) 1BD/1BA units. Current rents average $2,168 per unit, compared with projected market rents of ~$2,325, representing approximately 7% overall rental upside. Scheduled rental income has the potential to increase from $416,268 to $446,400 annually as rents are brought toward market levels. The property benefits from a stable income profile, with the majority of residents participating in