***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… Read More 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 underwritten profits of $1.2M+ make this an ideal low-risk, high-reward investment. Benefit from consistent cash flow during the development process with income from the stabilized 6 existing units. Existing units offset holding costs, while entitled plans minimize entitlement risk. 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. ***OWNER FINANCING OPTIONS***LET'S GET CREATIVE*** Read Less
Property listed by EXP REALTY OF CALIFORNIA INC, JENNIFER MENDOZA [email protected]
Listing Snapshot
Days Online
229
Last Updated
Property Type
Apartment
Lot Size
0.34 Acres
Year Built
1915
MLS Number
IV24250595
30 Days Snapshot Of 90802
$637k
+6%
(avg) sold price
27
-28%
homes sold
101
-6%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1915, Building area total: 11,338, Levels: Two, 2 stories, 4 buildings, Architectural style: , Attached, Common walls: TwoCommonWallsOrMore
Community
Curbs, Sidewalks
Expenses
Electric expense: $2,000, Insurance expense: $4,535, Operating expense: $118,616, Trash expense: $1,700, Water sewer expense: $3,500
Garage
5 spaces
Income
Gross income: $444,120, Net operating income: $316,739
Laundry
WasherHookup, ElectricDryerHookup
Lot
0.3414 acres, 14,871 square feet, Size: 14,871
Parking
5 totals parking
Pool
None
Property
Zoning: LBR3S
Sewer
PublicSewer
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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