16 38th Pl | Prime Oceanfront Long Beach Apartment Building
Multifamily | 7 Units | $542,857/unit
Marketing description
16 38th Pl is a 7-unit multifamily investment located in a coastal Long Beach rental pocket, delivered 100% vacant and offering a clear path to stabilization through immediate lease-up at market rents. Built in 1962, the 5,473-square-foot building sits on a 5,259-square-foot lot and features a functional unit mix of (4) 1-bedroom / 1-bath units, (2) 2-bedroom / 1-bath units, and (1) 2-bedroom / 2-bath unit, supporting broad tenant appeal and efficient operations.
The property is subject to rent control; however, full vacant delivery allows a new owner to establish a clean, market-based rent roll from day one, eliminating tenant turnover delays and lease renegotiation risk. Based on the underwriting, stabilized rents average approximately $3,536 per unit, generating roughly $209K in projected NOI upon stabilization. Additional income is supported by 10 on-site parking spaces and laundry operations, strengthening effective gross income and long-term cash flow durability.
Investment highlights
100% Vacant Delivery
The property will be delivered fully vacant, allowing a buyer to immediately execute a lease-up strategy and establish a clean, market-based rent roll without waiting for natural tenant turnover.Immediate Lease-Up Strategy
With no in-place tenancy, investors can stabilize occupancy quickly by leasing units at underwritten market rents averaging approximately $3,536 per unit, accelerating income generation early in the hold period.Ancillary Income Through Parking & Laundry
Ten on-site parking spaces and laundry operations provide additional income streams that strengthen effective gross income and support stabilized cash flow.Efficient Expense Profile
Operating expenses are projected at approximately 27% of effective gross income, allowing rental growth to translate efficiently into NOI through disciplined operations.Coastal Long Beach Rental Demand
The property’s 1BR and 2BR unit mix aligns with consistent renter demand in coastal Long Beach, supporting stable occupancy and durable long-term income performance.Stabilized Exit Value Creation
By executing the lease-up strategy and demonstrating consistent NOI performance, the asset becomes positioned for improved resale appeal as a stabilized coastal multifamily investment.
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