1048 E 5th Street
Long Beach, CA 90802
- – beds
- – baths
- – sqft
- 14,871 sqft lot
- 1915 build
- – on site
Prime Investment Opportunity: 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. Key Highlights: Turnkey Existing Units: 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: Development-ready plans for modern units: (2) 3 Bed / 2 Bath units with grade-level parking (3) 4 Bed / 3 Bath townhome-style units, also with grade-level parking Financial Performance: 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. Significant Profitability: 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. Strategic Investment Benefits: Immediate Cash Flow: Benefit from consistent cash flow during the development process with income from the stabilized 6 existing units. Low-Risk Development Play: Existing units offset holding costs, while entitled plans minimize entitlement risk. High-Demand Location: 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.
Last checked:
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Last updated Dec 17, 2024
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MLS# IV24250595 —
The Building
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Year Built:1915
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Year Built Source:See Remarks
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New Construction:No
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Building Area Total:11338.00
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Building Area Units:Square Feet
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Total Number Of Units:6
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# of Buildings:4
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Stories Total:2
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Common Walls:2+ Common Walls
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# of Separate Gas Meters:11
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# of Separate Water Meters:1
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# of Separate Electric Meters:11
Interior
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Levels:Two
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Entry Location:/
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Laundry:Electric Dryer Hookup, Washer Hookup
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Laundry:1
Location
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Directions:Alamitos and 5th
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Latitude:33.77265100
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Longitude:-118.17863600
The Property
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Property Type:Residential Income
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Subtype:Apartment
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Zoning:LBR3S
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Lot Features:Lot 10000-19999 Sqft
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Lot Size Area:14871.0000
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Lot Size Acres:0.3414
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Lot Size SqFt:14871.00
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Lot Size Source:Assessor
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Property Attached:1
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Additional Parcels:No
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Land Lease:No
Listing Agent
- Contact info:
- No listing contact info available
Taxes
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Tax Block:C
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Tax Census Tract:5765.01
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Tax Tract:576501
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Tax Lot:5
The Listing
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Special Listing Conditions:Standard
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Parcel Number:7266009015
Utilities
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Sewer:Public Sewer
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Water Source:Public
The Community
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Subdivision:Alamitos Beach (AB)
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Subdivision:Alamitos Beach (AB)
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Features:Curbs, Sidewalks
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Association:No
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Pool:None
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Senior Community:No
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Private Pool:No
Parking
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Parking Spaces:5.00
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Garage Spaces:5.00
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Transit Score®
Provided by WalkScore® Inc.
Transit Score measures a location's access to public transit. It is based on nearby transit routes frequency, type of route (bus, rail, etc.), and distance to the nearest stop on the route. Transit Scores range from 0 (Minimal Transit) to 100 (Rider’s Paradise).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Sale history
| Date | Event | Source | Price | % Change |
|---|---|---|---|---|
|
12/16/24
Dec 16, 2024
|
Listed / Active | CRMLS_CA | $2,750,000 | |
|
2/27/23
Feb 27, 2023
|
Price Changed | CRMLS_CA | ||
|
12/20/22
Dec 20, 2022
|
Listed / Active | CRMLS_CA |
