Multifamily Property for Sale in Long Beach, CA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Long Beach, CA 90805

Description

Marcus & Millichap is pleased to present to market the exciting opportunity to acquire the stunning turnkey investment property located at 473 East 55th Street in Long Beach, California. The property is a 1962 construction with a sought-after mix of nine two-bed/one-bath units and one one-bed/one-bath unit; two of the units are brand new attached ADU’s. Most of the units have been thoughtfully updated and boast new modern yet timeless flooring, kitchens, and bathrooms to attract a solid tenant base and demand strong rents. The property also offers on-site laundry that generates additional income, and all units are separately metered for gas and electricity to reduce owner expenses. 473 East 55th Street is located in North Long Beach central to the 405, 710 and 605 Freeways, offering tenants easy access to attractions and employers across the region. Long Beach is a popular rental market and population and employment hub with easy access to the beach, colleges (such as Cal State Long Beach), and major attractions including the Queen Mary, Aquarium of the Pacific, and more. Long Beach offers investors the opportunity to acquire assets in a coastal rental market with low vacancy rates without premium coastal pricing. Investment Highlights: • Turnkey Investment Opportunity; This asset boasts renovated interiors, exterior upgrades, two brand new ADU's, and strong in-place income • 6.04% Cap Rate on Current Rents: Excellent for any investor looking for strong cash flow on day one • Strong Unit Mix of 90% Two-Bedrooms • Two Brand New ADU's • Remodeled Interiors: Most units have been remodeled with new flooring, kitchens, and bathrooms to attract a strong renter base and demand premium rents • Great Rental Location in Long Beach, a coastal rental market without the prime coastal pricing, where key multifamily demand drivers keep vacancy rates consistently low

Market Context

This multifamily in Long Beach, CA is listed for sale. It is offered at an approximate 6.0% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 52 days. Compare it against other multifamily listings for sale in Long Beach, CA — <a href="/search/sale/multifamily/california/long-beach">view the full market</a>.

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