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Diego Magdaleno

diego@1visionproperties.com +1(714) 376-8652

$2,200,000

Est. payment - /mo

7 Beds

6 Baths

3,529 SqFt

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UPDATED:

Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 3,529 sqft

Price per Sqft $623

MLS Listing ID 25496551

Bedrooms 7

HOA Y/N No

Year Built 1988

Lot Size 3,855 Sqft

Property Description

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.

Location

State CA

County Los Angeles

Area 4 - Downtown Area, Alamitos Beach

Zoning LBPD5

Interior

Heating Wall Furnace

Cooling Wall/Window Unit(s)

Fireplace No

Exterior

Parking Features Concrete, Door-Multi, Garage, On Street

Garage Spaces 2.0

Garage Description 2.0

Total Parking Spaces 4

Building

Entry Level Multi/Split

Level or Stories Multi/Split

New Construction No

Others

Senior Community No

Tax ID 7265005001

Special Listing Condition Standard

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Listed by John McCann • Lyon Stahl Investment Real Estate, Inc.

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930 E Ocean BLVD Long Beach, CA 90802