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6.03% Cap | 10% Upside | Renovated Units 1106 Pacific Ave 12 Unit Apartment Building $3,150,000 ($262,500/Unit) 6.03% Cap Rate Long Beach, CA 90813
INVESTMENT HIGHLIGHTS
- All 12 units were remodeled in 2019 with Permits
- 6.69% Pro Forma Cap Rate
- Approx. 10% Upside in Rents
- 6.03% Current Cap Rate & 11.08 GRM
- ADU Opportunity - (6) on-site garages can be converted to (3) ADU's (Buyer to Verify)
- Individually Metered for Gas & Electricity
EXECUTIVE SUMMARY
Huge Price Reduction! - Bring all offers
Huge Price Reduction! Bring All Offers -Welcome to The Louis - Priced at an in-place 6.03% cap rate, the Louis iis a full renovated 12 unit apartment complex located in the heart of Long Beach, CA. This well-maintained property is comprised of (2) spacious 2-bedroom/1-bath units and (10) 1-bedroom/1-bath units, all of which were extensively remodeled with permits in 2019. Interiors feature modern finishes, and the units remain in excellent condition. That same year, the exterior received a full facelift, including new paint and a refreshed façade, enhancing the building’s curb appeal. Seller replaced the 100 gallon water heater in 2025.
The property benefits from a stable tenant base, with approximately 10% rental upside remaining—offering investors immediate cash flow and future growth potential. Additionally, there are (6) on-site garages that present a compelling value-add opportunity: potential conversion into (3) ADUs (Accessory Dwelling Units), subject to Buyer verification.
The Louis offers a rare blend of updated construction, long-term tenancy, and upside in one of Long Beach’s most active rental markets.
Huge Price Reduction! Bring All Offers -Welcome to The Louis - Priced at an in-place 6.03% cap rate, the Louis iis a full renovated 12 unit apartment complex located in the heart of Long Beach, CA. This well-maintained property is comprised of (2) spacious 2-bedroom/1-bath units and (10) 1-bedroom/1-bath units, all of which were extensively remodeled with permits in 2019. Interiors feature modern finishes, and the units remain in excellent condition. That same year, the exterior received a full facelift, including new paint and a refreshed façade, enhancing the building’s curb appeal. Seller replaced the 100 gallon water heater in 2025.
The property benefits from a stable tenant base, with approximately 10% rental upside remaining—offering investors immediate cash flow and future growth potential. Additionally, there are (6) on-site garages that present a compelling value-add opportunity: potential conversion into (3) ADUs (Accessory Dwelling Units), subject to Buyer verification.
The Louis offers a rare blend of updated construction, long-term tenancy, and upside in one of Long Beach’s most active rental markets.
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$265,584
|
$32.38
|
| Other Income |
$18,776
|
$2.29
|
| Vacancy Loss |
$7,968
|
$0.97
|
| Effective Gross Income |
$276,392
|
$33.69
|
| Taxes |
$41,273
|
$5.03
|
| Operating Expenses |
$45,031
|
$5.49
|
| Total Expenses |
$86,304
|
$10.52
|
| Net Operating Income |
$190,088
|
$23.17
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $265,584 |
| Annual Per SF | $32.38 |
| Other Income | |
|---|---|
| Annual | $18,776 |
| Annual Per SF | $2.29 |
| Vacancy Loss | |
|---|---|
| Annual | $7,968 |
| Annual Per SF | $0.97 |
| Effective Gross Income | |
|---|---|
| Annual | $276,392 |
| Annual Per SF | $33.69 |
| Taxes | |
|---|---|
| Annual | $41,273 |
| Annual Per SF | $5.03 |
| Operating Expenses | |
|---|---|
| Annual | $45,031 |
| Annual Per SF | $5.49 |
| Total Expenses | |
|---|---|
| Annual | $86,304 |
| Annual Per SF | $10.52 |
| Net Operating Income | |
|---|---|
| Annual | $190,088 |
| Annual Per SF | $23.17 |
PROPERTY FACTS
| Price | $3,150,000 | Apartment Style | Low-Rise |
| Price Per Unit | $262,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.18 AC |
| Cap Rate | 6.03% | Building Size | 8,203 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 11.08 | No. Stories | 2 |
| No. Units | 12 | Year Built/Renovated | 1963/2019 |
| Property Type | Multifamily | Parking Ratio | 0.73/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | LBR4N - Downtown Plan | ||
| Price | $3,150,000 |
| Price Per Unit | $262,500 |
| Sale Type | Investment |
| Cap Rate | 6.03% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 11.08 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 8,203 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1963/2019 |
| Parking Ratio | 0.73/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | LBR4N - Downtown Plan |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Disposal
- Microwave
- Heating
- Oven
- Tub/Shower
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 10 | - | - |
| 2+1 | 2 | - | - |
1 1
Walk Score®
Walker's Paradise (92)
Transit Score®
Excellent Transit (70)
Bike Score®
Very Bikeable (80)
PROPERTY TAXES
| Parcel Number | 7273-005-013 | Total Assessment | $3,609,028 |
| Land Assessment | $2,345,869 | Annual Taxes | $41,273 ($5.03/SF) |
| Improvements Assessment | $1,263,159 | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
7273-005-013
Land Assessment
$2,345,869
Improvements Assessment
$1,263,159
Total Assessment
$3,609,028
Annual Taxes
$41,273 ($5.03/SF)
Tax Year
2025
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6.03% Cap | 10% Upside | Renovated Units | 1106 Pacific Ave
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