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10.9 GRM on Current Rents 1495 Peterson Ave 24 Unit Apartment Building $6,300,000 ($262,500/Unit) 5.72% Cap Rate Long Beach, CA 90813
Investment Highlights
- 10.9 GRM on Current Rents
- Completely New Roof in 2019 with Permits
- 13 Garages Providing ADU Potential
- Turnkey Asset with All New Kitchens, Bathrooms, Flooring & Windows
- Seismic Retrofitting Completed
Executive Summary
1495 Peterson Avenue is a turn-key 24-unit multifamily asset located in the established Poly High submarket of Long Beach, a centrally positioned rental corridor with strong and consistent tenant demand.
The property features a well-balanced unit mix of nineteen (19) 1BD/1BA units, two (2) 2BD/1BA units, and three (3) 3BD/1BA units. All units have been fully renovated including new kitchens, bathrooms, flooring, and windows.
Significant capital improvements have been completed at the property, including a new roof (2019), updates to electrical and plumbing systems, and completed seismic retrofitting.
The asset benefits from separately metered and an in-place RUBS program, supporting expense recovery
and improved operating efficiency. Additional income is generated through on-site laundry facilities and thirteen (13) garages. New ownership has the ability to triple current garage income immediately with no additional modifications or investment. The garages also present the opportunity for ADU conversion for increased rental income.
Located in the heart of Long Beach, the Poly High submarket offers convenient access to major employment and transportation nodes, including California State University Long Beach, Long Beach Airport, the Metro A Line, and the 405, 710, and 91 freeways. The area is characterized by a high renter-occupied population (approximately 85%) and has experienced approximately 25% rent growth since 2019, underscoring its durability as a workforce housing market.
Further supporting the area’s long-term outlook, Long Beach Polytechnic High School is currently undergoing a $405 million campus modernization, reflecting continued public investment and enhancing the submarket’s overall appeal.
The property features a well-balanced unit mix of nineteen (19) 1BD/1BA units, two (2) 2BD/1BA units, and three (3) 3BD/1BA units. All units have been fully renovated including new kitchens, bathrooms, flooring, and windows.
Significant capital improvements have been completed at the property, including a new roof (2019), updates to electrical and plumbing systems, and completed seismic retrofitting.
The asset benefits from separately metered and an in-place RUBS program, supporting expense recovery
and improved operating efficiency. Additional income is generated through on-site laundry facilities and thirteen (13) garages. New ownership has the ability to triple current garage income immediately with no additional modifications or investment. The garages also present the opportunity for ADU conversion for increased rental income.
Located in the heart of Long Beach, the Poly High submarket offers convenient access to major employment and transportation nodes, including California State University Long Beach, Long Beach Airport, the Metro A Line, and the 405, 710, and 91 freeways. The area is characterized by a high renter-occupied population (approximately 85%) and has experienced approximately 25% rent growth since 2019, underscoring its durability as a workforce housing market.
Further supporting the area’s long-term outlook, Long Beach Polytechnic High School is currently undergoing a $405 million campus modernization, reflecting continued public investment and enhancing the submarket’s overall appeal.
Property Facts
| Price | $6,300,000 | Building Class | C |
| Price Per Unit | $262,500 | Lot Size | 0.29 AC |
| Sale Type | Investment | Building Size | 19,568 SF |
| Cap Rate | 5.72% | Average Occupancy | 100% |
| Gross Rent Multiplier | 10.9 | No. Stories | 2 |
| No. Units | 24 | Year Built | 1963 |
| Property Type | Multifamily | Parking Ratio | 0.66/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | LBR2N | ||
| Price | $6,300,000 |
| Price Per Unit | $262,500 |
| Sale Type | Investment |
| Cap Rate | 5.72% |
| Gross Rent Multiplier | 10.9 |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.29 AC |
| Building Size | 19,568 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1963 |
| Parking Ratio | 0.66/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | LBR2N |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 19 | - | 600 |
| 2+1 | 2 | - | 776 |
| 3+1 | 3 | - | 1,000 |
1 1
Moderately walkable
70/100
Moderately drivable
70/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 7268-038-021 | Improvements Assessment | $3,047,046 |
| Land Assessment | $1,623,648 | Total Assessment | $4,670,694 |
Property Taxes
Parcel Number
7268-038-021
Land Assessment
$1,623,648
Improvements Assessment
$3,047,046
Total Assessment
$4,670,694
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10.9 GRM on Current Rents | 1495 Peterson Ave
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