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$ 2,750,000
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New
1048 E 5th ST Long Beach, CA 90802
0.34 Acres Lot
UPDATED:
12/19/2024 05:49 AM
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Alamitos Beach (Ab)
MLS Listing ID IV24250595
HOA Y/N No
Year Built 1915
Lot Size 0.341 Acres
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.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBR3S
Interior
Fireplace No
Laundry Washer Hookup, Electric Dryer Hookup
Exterior
Garage Spaces 5.0
Garage Description 5.0
Pool None
Community Features Curbs, Sidewalks
Total Parking Spaces 5
Private Pool No
Building
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7266009015
Acceptable Financing Submit
Listing Terms Submit
Special Listing Condition Standard
Lease Land No
Listed by JENNIFER MENDOZA • EXP REALTY OF CALIFORNIA INC • [email protected]
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