1885 Locust, Long Beach, CA 90806

Chris van Vuuren

PRO

CA 02060007

Cris Molles

01345419

The Realestate Group

Listed by Lyon Stahl Investment Real Estate, The Realestate Group

$2,580,000

72 days on market

Updated 14 days ago

Opportunity zone

1885 Locust Ave

Details

APN

7209017035

Property Type

Multifamily

Sub Type

Apartment Building

Square Footage

8,264

Units

Cap Rate

6.48%

NOI

$167,158

Pro-Forma Cap Rate

7.14%

Pro-Forma NOI

$184,134

Price per SqFt

$312

Year Built

1952

Buildings

Stories

Acreage

0.155

Zoning

Assessor

OVER A 5% CASH-ON-CASH RETURN DAY 1!!!!

Marketing description

Excellent opportunity to acquire a 13-unit apartment complex in a strong rental pocket of Long Beach, just north of Downtown in the South Wrigley neighborhood. The property offers convenient access to the Metro A Line and major freeways (710, 405, 91), providing tenants with strong regional connectivity. Built in 1952, the asset features an attractive unit mix of ten (10) 1-bedroom/1-bath units, two (2) 2-bedroom/1-bath units, and one (1) 2-bedroom/2-bath townhouse-style unit. The property is gated, separately metered for gas and electricity, and includes on-site laundry for additional income. Recent improvements include exterior paint, upgraded electrical panel, new water heater, and completed SB 721 compliance, helping reduce near-term capital expenditure. Subject to AB 1482, offering investors a more predictable and flexible operating environment compared to stricter municipalities. Ideal for investors seeking stable cash flow with upside potential through rental increases and operational efficiencies. Strong fit for local buyers and 1031 exchange investors targeting a well-located Long Beach asset.

Investment highlights

• High-Yield Asset – Offered at a 6.48% cap rate with approximately 10% potential upside in net operating income to a 7.14% cap rate

• Diverse Unit Mix – (10) 1+1, (2) 2+1, and (1) 2+2 townhouse style unit catering to a broad tenant base of workforce renters, young professionals, and small households.

• Attractive Basis – Offered at $198,462 per unit and $312.20/SF, representing a significant discount to replacement cost.

• Ideal for 1031 Exchange Buyers – Offers stable in-place cash flow with rental upside, appealing to investors exiting more restrictive Los Angeles rent-controlled assets

•Recent Capital Improvements – Exterior recently painted, main electrical panel replaced, water heater upgraded, and SB 721 compliance completed, reducing near-term capital expenditure risk

•Downtown Growth & Housing Demand – Downtown Long Beach has seen substantial new residential development delivered in recent years, with thousands of additional units approved or under construction, underscoring strong housing demand, rent growth, and continued urban revitalization.