$2,750,000
1048 E 5th Street
Long Beach, CA, 90802
Property Description
Prime Investment Opportunity: 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.
Key Highlights:
Turnkey Existing Units:
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:
Development-ready plans for modern units:
(2) 3 Bed / 2 Bath units with grade-level parking
(3) 4 Bed / 3 Bath townhome-style units, also with grade-level parking
Financial Performance:
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.
Significant Profitability:
Projected end value exceeds $6,000,000, providing exceptional upside in one of Long Beach’s hottest rental markets.
Conservatively underwritten profits of $1.2M+ make this an ideal low-risk, high-reward investment.
Strategic Investment Benefits:
Immediate Cash Flow:
Benefit from consistent cash flow during the development process with income from the stabilized 6 existing units.
Low-Risk Development Play:
Existing units offset holding costs, while entitled plans minimize entitlement risk.
High-Demand Location:
Situated in Long Beach, a thriving rental market with strong tenant demand and long-term appreciation potential.
This property offers the best of both worlds: stable cash flow today and exceptional upside tomorrow. With a clear path to development and substantial projected returns, this is an opportunity that investors and developers alike will not want to miss.
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.
Key Highlights:
Turnkey Existing Units:
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:
Development-ready plans for modern units:
(2) 3 Bed / 2 Bath units with grade-level parking
(3) 4 Bed / 3 Bath townhome-style units, also with grade-level parking
Financial Performance:
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.
Significant Profitability:
Projected end value exceeds $6,000,000, providing exceptional upside in one of Long Beach’s hottest rental markets.
Conservatively underwritten profits of $1.2M+ make this an ideal low-risk, high-reward investment.
Strategic Investment Benefits:
Immediate Cash Flow:
Benefit from consistent cash flow during the development process with income from the stabilized 6 existing units.
Low-Risk Development Play:
Existing units offset holding costs, while entitled plans minimize entitlement risk.
High-Demand Location:
Situated in Long Beach, a thriving rental market with strong tenant demand and long-term appreciation potential.
This property offers the best of both worlds: stable cash flow today and exceptional upside tomorrow. With a clear path to development and substantial projected returns, this is an opportunity that investors and developers alike will not want to miss.
Property Details
Price:
$2,750,000
MLS #:
IV24250595
Status:
Active
Baths:
0
Address:
1048 E 5th Street
Type:
Residential Income
Subtype:
Apartment
Subdivision:
Alamitos Beach AB
Neighborhood:
4downtownareaalamitosbeach
City:
Long Beach
Listed Date:
Dec 16, 2024
State:
CA
ZIP:
90802
Lot Size:
14,871 sqft / 0.34 acres (approx)
Year Built:
1915
Schools
Interior
Exterior
Community Features
Curbs, Sidewalks
Garage Spaces
5.00
Lot Features
Lot 10000-19999 Sqft
Parking Spots
5.00
Pool Features
None
Sewer
Public Sewer
Stories Total
2
Water Source
Public
Financial
Association Fee
0.00
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Courtesy of EXP REALTY OF CALIFORNIA INC. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the California Regional Multiple Listing Service. Detailed information about real estate listings held by brokerage firms other than Mohr Real Estate Group include the name of the listing broker. Neither the listing company nor Mohr Real Estate Group shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2024. California Regional Multiple Listing Service. All rights reserved. 1048 E 5th Street
Long Beach, CA
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