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1123 Pacific Ave 2 Unit Apartment Building $899,000 ($449,500/Unit) 3.70% Cap Rate Long Beach, CA 90813
INVESTMENT HIGHLIGHTS
- Located in Opportunity Zone
- Includes 14 Open Parking Spaces and 4 Garages
- Oversized 7,444 SF Lot with potential to add multiple ADUs
- Recent Upgrades Features a Newer Roof and Updated Exteriors
EXECUTIVE SUMMARY
High-density development opportunity situated on a 7,444 square-foot lot in a centrally located in the rapidly growing downtown Long Beach market. The property consists of one 1-bedroom, 1-bath units, along with one studio unit. On-site parking is abundant, including four single-car garages and multiple uncovered spaces, providing convenience for residents and guests. The site is zoned PD-30, supporting a wide range of residential development possibilities. The zoning and location make this a compelling option for those seeking to expand or redevelop in a rapidly evolving area.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$55,200
|
$55.20
|
| Other Income |
$11,760
|
$11.76
|
| Vacancy Loss |
$1,656
|
$1.66
|
| Effective Gross Income |
$65,304
|
$65.30
|
| Taxes |
$11,149
|
$11.15
|
| Operating Expenses |
$8,655
|
$8.66
|
| Total Expenses |
$19,804
|
$19.80
|
| Net Operating Income |
$45,500
|
$45.50
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $55,200 |
| Annual Per SF | $55.20 |
| Other Income | |
|---|---|
| Annual | $11,760 |
| Annual Per SF | $11.76 |
| Vacancy Loss | |
|---|---|
| Annual | $1,656 |
| Annual Per SF | $1.66 |
| Effective Gross Income | |
|---|---|
| Annual | $65,304 |
| Annual Per SF | $65.30 |
| Taxes | |
|---|---|
| Annual | $11,149 |
| Annual Per SF | $11.15 |
| Operating Expenses | |
|---|---|
| Annual | $8,655 |
| Annual Per SF | $8.66 |
| Total Expenses | |
|---|---|
| Annual | $19,804 |
| Annual Per SF | $19.80 |
| Net Operating Income | |
|---|---|
| Annual | $45,500 |
| Annual Per SF | $45.50 |
PROPERTY FACTS
| Price | $899,000 | Building Class | C |
| Price Per Unit | $449,500 | Lot Size | 0.17 AC |
| Sale Type | Investment | Building Size | 870 SF |
| Cap Rate | 3.70% | Average Occupancy | 100% |
| No. Units | 2 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1930/2022 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | LBCO - PD-30 HIGH DENISTY No Parking Requirements Up to 80 Feet Unlimited Density (as long as the project falls within the City's Parameters) | ||
| Price | $899,000 |
| Price Per Unit | $449,500 |
| Sale Type | Investment |
| Cap Rate | 3.70% |
| No. Units | 2 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 870 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1930/2022 |
| Opportunity Zone |
Yes |
| Zoning | LBCO - PD-30 HIGH DENISTY No Parking Requirements Up to 80 Feet Unlimited Density (as long as the project falls within the City's Parameters) |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Storage Space
- Kitchen
- Patio
- Quartz Countertops
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | $1,675 | 400 |
| 1+1 | 1 | $1,770 | 470 |
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Walk Score®
Walker's Paradise (92)
Transit Score®
Excellent Transit (70)
Bike Score®
Very Bikeable (80)
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1123 Pacific Ave
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