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Listed by JENNIFER A MENDOZA • EXP REALTY OF CALIFORNIA INC
$ 2,500,000
Est. payment /mo
Price Dropped by $150K
1048 East 5th Street Long Beach, CA 90802
11,338 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 11,338 sqft
Price per Sqft $220
Subdivision Alamitos Beach
MLS Listing ID IV-24250595
Year Built 1915
Lot Size 0.341 Acres
Property Sub-Type Apartment
Property Description
***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 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***
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBR3S
Interior
Laundry Electric Dryer Hookup, Washer Hookup
Exterior
Parking Features Gated
Garage Spaces 5.0
Pool None
Community Features Curbs, Sidewalks
Building
Lot Description Lot 10000-19999 Sqft
Sewer Public Sewer