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1123 Pacific Ave 2 Unit Apartment Building $899,000 ($449,500/Unit) 3.64% Cap Rate Long Beach, CA 90813
Investment Highlights
- Located in Opportunity Zone with PD-30 Zoning - High Density
- Includes 14 Open Parking Spaces and 4 Garages
- Oversized 7,444 SF Lot with potential to add multiple ADUs
- Can be sold with the Adjacent 5 Units
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 |
$42,300
|
$47.00
|
| Other Income |
$12,300
|
$13.67
|
| Vacancy Loss |
$1,638
|
$1.82
|
| Effective Gross Income |
$52,962
|
$58.85
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$20,264
|
$22.52
|
| Net Operating Income |
$32,698
|
$36.33
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $42,300 |
| Annual Per SF | $47.00 |
| Other Income | |
|---|---|
| Annual | $12,300 |
| Annual Per SF | $13.67 |
| Vacancy Loss | |
|---|---|
| Annual | $1,638 |
| Annual Per SF | $1.82 |
| Effective Gross Income | |
|---|---|
| Annual | $52,962 |
| Annual Per SF | $58.85 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $20,264 |
| Annual Per SF | $22.52 |
| Net Operating Income | |
|---|---|
| Annual | $32,698 |
| Annual Per SF | $36.33 |
Property Facts In Escrow
| Price | $899,000 | Building Class | C |
| Price Per Unit | $449,500 | Lot Size | 0.17 AC |
| Sale Type | Investment | Building Size | 900 SF |
| Cap Rate | 3.64% | Average Occupancy | 100% |
| No. Units | 2 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1930 |
| 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 | 3.64% |
| No. Units | 2 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 900 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1930 |
| 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 | 500 |
1 1
Walk Score®
Walker's Paradise (92)
Transit Score®
Excellent Transit (70)
Bike Score®
Very Bikeable (80)
Property Taxes
| Parcel Number | 7272-005-010 | Improvements Assessment | $235,132 (2025) |
| Land Assessment | $426,520 (2025) | Total Assessment | $661,652 (2025) |
Property Taxes
Parcel Number
7272-005-010
Land Assessment
$426,520 (2025)
Improvements Assessment
$235,132 (2025)
Total Assessment
$661,652 (2025)
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1123 Pacific Ave
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