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6.23% Cap + 10.46 GRM | 7.42% Pro Forma 1036 Saint Louis Ave 9 Unit Apartment Building $2,395,000 ($266,111/Unit) 6.23% Cap Rate Long Beach, CA 90804
Investment Highlights
- $128,962.75 Spent on Capital Improvements
- 3 Out of 9 Units are Fully Renovated
- 13% Upside in Rents - Pro Forma 7.42% Cap Rate
- New 400 AMP Main Electrical Panel, SB 721 Balcony Compliance & Partial Main Sewer Line Replacement in 2025
- 10.46 GRM & 6.23% Cap Rate
- (6) On-Site Garages
Executive Summary
9-unit apartment complex in Eastside Long Beach with an exceptional large-unit mix: (1) 3BD/2BA, (6) 2BD/1BA, (2) 1BD/1BA. Strong in-place income with upside through continued unit renovations (3 of 9 units already remodeled). $129,000 in capital improvements including new 400A main electrical panel (2025), partial main sewer line replacement (2025), SB 721 balcony compliance/repairs (2025), and roof repairs (2024). 6 garages, separately metered electric/gas, owner pays water/sewer/trash. Offered at a 6.23% cap / 10.46 GRM with projected 7.26% cap at market. Not subject to local rent control (AB 1482 applies).
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$220,920
|
$32.63
|
| Other Income |
$8,081
|
$1.19
|
| Vacancy Loss |
$6,628
|
$0.98
|
| Effective Gross Income |
$222,373
|
$32.85
|
| Taxes |
$32,130
|
$4.75
|
| Operating Expenses |
$41,120
|
$6.07
|
| Total Expenses |
$73,250
|
$10.82
|
| Net Operating Income |
$149,123
|
$22.03
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $220,920 |
| Annual Per SF | $32.63 |
| Other Income | |
|---|---|
| Annual | $8,081 |
| Annual Per SF | $1.19 |
| Vacancy Loss | |
|---|---|
| Annual | $6,628 |
| Annual Per SF | $0.98 |
| Effective Gross Income | |
|---|---|
| Annual | $222,373 |
| Annual Per SF | $32.85 |
| Taxes | |
|---|---|
| Annual | $32,130 |
| Annual Per SF | $4.75 |
| Operating Expenses | |
|---|---|
| Annual | $41,120 |
| Annual Per SF | $6.07 |
| Total Expenses | |
|---|---|
| Annual | $73,250 |
| Annual Per SF | $10.82 |
| Net Operating Income | |
|---|---|
| Annual | $149,123 |
| Annual Per SF | $22.03 |
Property Facts
| Price | $2,395,000 | Building Class | C |
| Price Per Unit | $266,111 | Lot Size | 0.15 AC |
| Sale Type | Investment | Building Size | 6,770 SF |
| Cap Rate | 6.23% | Average Occupancy | 100% |
| Gross Rent Multiplier | 10.46 | No. Stories | 2 |
| No. Units | 9 | Year Built/Renovated | 1963/2025 |
| Property Type | Multifamily | Parking Ratio | 1.67/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | LBR2N LBR2N | ||
| Price | $2,395,000 |
| Price Per Unit | $266,111 |
| Sale Type | Investment |
| Cap Rate | 6.23% |
| Gross Rent Multiplier | 10.46 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 6,770 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1963/2025 |
| Parking Ratio | 1.67/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | LBR2N LBR2N |
Amenities
Unit Amenities
- Balcony
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 1 | $2,895 | 1,000 |
| 2+1 | 6 | $2,045 | 750 |
| 1+1 | 2 | $1,723 | 600 |
1 1
Walk Score®
Very Walkable (87)
Property Taxes
| Parcel Number | 7262-007-010 | Total Assessment | $2,493,838 |
| Land Assessment | $848,966 | Annual Taxes | $32,130 ($4.75/SF) |
| Improvements Assessment | $1,644,872 | Tax Year | 2025 |
Property Taxes
Parcel Number
7262-007-010
Land Assessment
$848,966
Improvements Assessment
$1,644,872
Total Assessment
$2,493,838
Annual Taxes
$32,130 ($4.75/SF)
Tax Year
2025
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6.23% Cap + 10.46 GRM | 7.42% Pro Forma | 1036 Saint Louis Ave
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