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7 Units | Two Parcels of Land near Downtown 1121 Pacific Ave 7 Unit Apartment Building $2,798,000 ($399,714/Unit) 6.92% Cap Rate Long Beach, CA 90813
INVESTMENT HIGHLIGHTS
- 2 Parcels (5 Unit + 2 Unit with Open Lot) | Can be sold Separately, or Together
- 6.92% Actual CAP Rate
- Development Opportunity (PD-30 zoning), allowing for a potential redevelopment of 45–90 units
- Extensively Renovated with ~$500,000 in capital improvements
- No local rent control: subject only to AB 1482
- Located less than 1 mile from the Beach & minutes from Downtown Long Beach
EXECUTIVE SUMMARY
Currently a 6.92% CAP, this extensively renovated property is also located within an Opportunity Zone with PD-30 zoning. This zoning could allow for a potential redevelopment of 45–90 units or build ADU's today. The property features a rare and desirable unit mix consisting of five large 3-bedroom / 1-bath units, one 1-bedroom / 1-bath unit, and one studio. It has been extensively renovated with approximately $500,000+ in capital improvements and offers a private, garden-style layout with a secure gated entry. Tenant amenities include air conditioning, in-unit washer/dryer hookups in most units, and high-end designer finishes. Parking is abundant, with eight garages, one private driveway space, and fourteen open parking spaces. Located less than one mile from the beach and just minutes from Downtown Long Beach, the property combines strong rental appeal with significant future development potential. It is not subject to local rent control, falling only under statewide AB 1482 regulations.
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $2,798,000 | Apartment Style | Garden |
| Price Per Unit | $399,714 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.34 AC |
| Cap Rate | 6.92% | Building Size | 11,343 SF |
| Gross Rent Multiplier | 12.19 | No. Stories | 2 |
| No. Units | 7 | Year Built/Renovated | 1907/2024 |
| Property Type | Multifamily | Parking Ratio | 3.31/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | LBCO - PD-30 High Density Zoning Opportunity Zone Build 45-90 Units or, ADU's | ||
| Price | $2,798,000 |
| Price Per Unit | $399,714 |
| Sale Type | Investment |
| Cap Rate | 6.92% |
| Gross Rent Multiplier | 12.19 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 0.34 AC |
| Building Size | 11,343 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1907/2024 |
| Parking Ratio | 3.31/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | LBCO - PD-30 High Density Zoning Opportunity Zone Build 45-90 Units or, ADU's |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
SITE AMENITIES
- 24 Hour Access
- Tenant Controlled HVAC
- Public Transportation
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | - | 395 |
| 1+1 | 1 | - | 475 |
| 3+1 | 5 | - | 1,093 |
1 1
Walk Score®
Walker's Paradise (92)
Transit Score®
Excellent Transit (70)
Bike Score®
Very Bikeable (79)
PROPERTY TAXES
| Parcel Number | 7272-005-011 | Improvements Assessment | $572,220 |
| Land Assessment | $884,340 | Total Assessment | $1,456,560 |
PROPERTY TAXES
Parcel Number
7272-005-011
Land Assessment
$884,340
Improvements Assessment
$572,220
Total Assessment
$1,456,560
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7 Units | Two Parcels of Land near Downtown | 1121 Pacific Ave
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