1430 Elm Ave 14 Unit Apartment Building $3,175,000 ($226,786/Unit) 6.24% Cap Rate Long Beach, CA 90813

Spanish-Style 14-Unit Apartment Building | Long Beach | Value-Add ADU Upside
Located in an established residential neighborhood in Long Beach, this 14-unit apartment building offers investors a compelling blend of stable in-place performance and meaningful upside potential. Built in 1930, the property showcases classic Spanish-style architecture and features a consistent unit mix of 14 one-bedroom, one-bathroom apartments, each averaging 692 square feet.
Residents enjoy a sun deck, patio areas, and an approximate 3,500 square foot landscaped backyard complete with artificial turf and mature trees, creating a rare outdoor amenity for an asset of this vintage. It's this expansive backyard that also represents the property's standout opportunity: the space offers excellent development optionality, allowing a buyer to streamline the addition of new units through Long Beach's Pre-Approved ADU Plans Program (AB 1332), or to pursue further density upside under recent state legislation (SB 1211), subject to city approval.
Beyond the development potential, the building has been well cared for, with gated semi-subterranean parking and recent infrastructure updates, including new windows and updated water heaters. Together, these elements make for an asset that delivers dependable current income while offering a clear, achievable route to future value creation — an ideal opportunity for investors looking to grow their portfolio through both stability and strategic upside.