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Diego Magdaleno

1Vision Real Estate

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

$1,486,000

Est. payment - /mo

7,426 Sqft Lot

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UPDATED:

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID NP25096923

HOA Y/N No

Year Built 1929

Lot Size 7,426 Sqft

Property Sub-Type Apartment

Property Description

1407 Obispo Avenue is a 6-unit multifamily offering located in the heart of Long Beach's Eastside neighborhood. The property consists of a front fourplex with (4) 2-bedroom, 1-bath units, each featuring in-unit laundry, and a rear duplex with (2) 1-bedroom, 1-bath units positioned above four single-car garages. The garage structure presents a future opportunity for ADU conversion or added income (buyer to verify).

With current rents approximately 27% below market and an attractive price per square foot of just $282, this asset offers immediate upside through strategic renovations and tenant turnover. The property is priced at a 12.06 GRM on existing income, with a projected 9.49 GRM at market rents, offering a compelling return profile in a supply-constrained submarket.

Residents benefit from proximity to Pacific Coast Highway retail, Recreation Park, Long Beach City College, and the shops and dining along Retro Row. With rising housing costs and ongoing demand for well-located rental units, 1407 Obispo Avenue offers a rare opportunity to acquire a value-add asset with strong long-term upside.

Location

State CA

County Los Angeles

Area 3 - Eastside, Circle Area

Zoning LBR2N

Interior

Fireplace No

Laundry Electric Dryer Hookup, Gas Dryer Hookup, None

Exterior

Garage Spaces 4.0

Garage Description 4.0

Pool None

Community Features Sidewalks

Total Parking Spaces 4

Private Pool No

Building

Lot Description Rectangular Lot

Story 2

Sewer Public Sewer

Water Public

New Construction No

Others

Senior Community No

Tax ID 7259023013

Acceptable Financing Cash, Cash to New Loan, 1031 Exchange

Listing Terms Cash, Cash to New Loan, 1031 Exchange

Special Listing Condition Standard

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Listed by Kacey Taormina • Compass • 714-323-3200

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1407 Obispo AVE Long Beach, CA 90804