1600 Stanton Place

Long Beach, CA 90804

$5,950,000

Sold Price
N/A

bed Beds

N/A

shower Baths

N/A sqft

straighten $274 / sqft

1964

calendar_month Built

Property Description

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 2022 vacancy rate of just 4.0 percent and year-over-year rent growth of 8.5 percent, are evidence of the substantial demand for rental units in the area. Currently, 8 units have received substantial improvements including shaker-style cabinetry, quartz countertops, vinyl flooring, stainless steel appliances and more. Through the continuation of this interior renovation plan, a new owner could potentially achieve a 12 percent increase in rental income. The property benefits from its location just south of Long Beach City College, Pacific Coast Campus, a major employer and housing driver for the city of Long Beach. Waterstone Apartments is situated in close proximity to Pacific Coast Highway and Cherry Avenue, two major thoroughfares that connect residents to Interstates 405 and 605. Additionally, residents enjoy access to Signal Hill’s numerous parks and trails. The neighborhoods surrounding the property provide tenants convenient access to a wide variety of activities, employment, transportation, and retail amenities. This overall demand for a well-located and maintained apartment building will be a key driver in the continued growth and success at Waterstone Apartments.

Listing Information

Close Price $5,950,000
Close Date Friday, May 31st, 2024
Status Closed
MLS OC23207083
Type Residential Income
Subtype Apartment
Year Built 1964
Lot Size 21,344
Structure Size N/A
DOM 134
Courtesy Of Marcus & Millichap RE Invest
Listing Agent Tyler Leeson DRE#01451551

Interior Features

Total Bedroom
Bedrooms N/A
Total Bathroom
Bathrooms N/A

Exterior Information

Maps

Listing information courtesy of: Tyler Leeson, Marcus & Millichap RE Invest . *Based on information from the Association of REALTORS/Multiple Listing as of May 31st, 2024 at 3:01 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.