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16 38th Pl | 7-Unit Multifamily in Coastal Long Beach. Built in 1962, the property totals 5,473 SF and presents a rare opportunity to acquire a seven-unit asset delivered 100% vacant, allowing a new owner to immediately execute a full lease-up strategy and establish a clean market-based rent roll from day one. The offering features a desirable unit mix of (4) one-bedroom / one-bath units and (3) two-bedroom / one-bath units, supported by 10 on-site parking spaces that create additional ancillary income potential. Underwritten market rents average approximately $3,536 per unit, supporting a projected stabilized NOI of roughly $209K annually. Offered at $3,800,000 ($542,857/unit | $694.32/SF) with a 5.51% cap rate and 12.79 GRM, the asset provides investors a clear path to stabilization and long-term value creation in a highly desirable coastal Long Beach rental corridor.
| DAYS ON MARKET | 53 | LAST UPDATED | 3/7/2026 |
|---|---|---|---|
| YEAR BUILT | 1962 | COMMUNITY | 1 - Belmont Shore/Park,Naples,Marina Pac,Bay Hrbr |
| COUNTY | Los Angeles | STATUS | Active |
| PROPERTY TYPE(S) | Residential Income |
| PRICE HISTORY | |
| Prior to Mar 7, '26 | $3,900,000 |
|---|---|
| Mar 7, '26 - Today | $3,800,000 |
| ADDITIONAL DETAILS | |
| AIR | None |
|---|---|
| AREA | 1 - Belmont Shore/Park,Naples,Marina Pac,Bay Hrbr |
| HEAT | None |
| LOT | 5258 sq ft |
| LOT DIMENSIONS | 50x105 |
| PARKING | Assigned |
| STORIES | Split/Multi Level |
TOTAL MONTHLY PAYMENT
| SATELLITE VIEW |
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