Listed for $2,200,000, this six-unit multifamily property offers a prime investment opportunity in one of Long Beach's most desirable beachside locations. The building consists of (2) 2-bedroom/1-bath units, (3) 1-bedroom/1-bath units, and one unpermitted studio unit. One building was constructed in 1908 and the other was built in 1988. The property spans 3,529 rentable square feet on a 3,854-square-foot lot and provides tenants with a unique blend of coastal living and urban convenience. Currently generating $11,600 per month ($139,200 annually) in gross rental income, the property has a significant 30% upside, with projected market rents reaching $15,050 per month ($180,600 annually). At market rents, the property operates at a 6.00% cap rate and a 12.18 GRM, compared to its current 4.23% cap rate and 15.80 GRM. The net operating income (NOI) at market levels is estimated at $132,064 per year, offering substantial income growth potential. The property includes two garage spaces, two additional on-site parking spaces, and ample street parking nearby. Situated just steps from the beach and minutes from Downtown Long Beach, this location offers unparalleled access to local dining, entertainment, and outdoor recreation. This well-maintained asset presents a rare opportunity for investors seeking long-term growth and value appreciation in a highly sought-after neighborhood.
|
DAYS ON MARKET
|
68
|
LAST UPDATED
|
2/10/2025
|
|
YEAR BUILT
|
1988
|
COMMUNITY
|
Downtown Area, Alamitos Beach
|
|
GARAGE SPACES
|
2.0
|
COUNTY
|
Los Angeles
|
|
STATUS
|
Active
|
PROPERTY TYPE(S)
|
Residential Income
|
| AIR |
Wall/Window Unit(s) |
| AIR CONDITIONING |
Yes |
| AREA |
Downtown Area, Alamitos Beach |
| GARAGE |
Concrete, Door-Multi, Garage, On Street, Yes |
| HEAT |
Wall Furnace |
| LOT |
3854 sq ft |
| PARKING |
Concrete,Door-Multi,Garage,On Street |
| ZONING |
LBPD5 |
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Listed with Lyon Stahl Investment Real Estate, Inc.
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. as of 4/18/25 11:42 PM PDT and /or other sources. 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
This IDX solution is (c) Diverse Solutions 2025.
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