Homes for sale - 1048 E 5th ST, Long Beach, CA 90802

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JLee Broker

[email protected] +1(650) 857-1000

Listed by JENNIFER MENDOZA • EXP REALTY OF CALIFORNIA INC

$2,650,000

Est. payment - /mo

0.34 Acres Lot

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UPDATED:

Key Details

Property Type Commercial

Listing Status Active

Purchase Type For Sale

MLS Listing ID CRIV24250595

Year Built 1915

Lot Size 0.341 Acres

Source California Regional MLS

Property Description

***PRICE IMPROVEMENT***Prime Investment Opportunity with FULLY APPROVED PLANS RTI***Entitled 11-Unit Development with Existing Cash Flow in Long Beach. This is a rare and highly attractive opportunity to acquire a stabilized 6-unit multifamily property situated on an oversized lot already entitled for an additional 5 units-bringing the total future unit count to 11 units. Upon completion, the project is projected to be valued at over $6,000,000, making this a compelling investment with significant upside potential. 5 of 6 units fully renovated with brand-new systems throughout the property, ensuring minimal immediate capital expenditures. Unit Mix (Existing 6 Units): (4) 1 Bed / 1 Bath (1) 2 Bed / 1 Bath (1) 2 Bed / 2 Bath. Entitled 5 Additional Units: FULLY APPROVED PLANS RTI - (2) 3 Bed / 2 Bath units with grade-level parking (3) 4 Bed / 3 Bath townhome-style units, also with grade-level parking. Stabilized Gross Income: Projected to generate nearly $37,000 per month upon full build-out. Strong Cap Rate: Stabilized at a 6.75% Cap Rate on cost. Attractive GRM: Achieves a 10.74 GRM on cost, underscoring strong investment fundamentals. Projected end value exceeds $6,000,000, providing exceptional upside in one of Long Beach's hottest rental markets. Conservatively u

Location

State CA

County Los Angeles

Area 4 - Downtown Area, Alamitos Beach

Interior

Laundry 30, 9

Exterior

Garage Spaces 5.0

Pool None

Building

Water District - Public

Others

Tax ID 7266009015

Special Listing Condition Not Applicable

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JLee Broker

+1(650) 857-1000

Broker | License ID: 00851314

Broker License ID: 00851314

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1048 E 5th ST Long Beach, CA 90802

JLee Broker

Key Details

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