1545 Obispo Ave 8 Unit Apartment Building $2,500,000 ($312,500/Unit) 5.56% Cap Rate Long Beach, CA 90804

The Leeson Group of Marcus & Millichap is pleased to present 1545 Obispo Avenue, a turnkey 8-unit multifamily investment opportunity located in the highly desirable Eastside submarket of Long Beach.
The property features a rare 100% two-bedroom, one-bathroom unit mix, with all interiors renovated to a consistent, modern standard. Upgrades include quartz countertops, shaker-style cabinetry, vinyl plank flooring, stainless steel appliances, and contemporary finishes throughout—creating operational efficiency and a cohesive tenant experience.
Originally constructed in 1963, the asset has benefited from approximately $475,000 in capital improvements, materially reducing near-term capital expenditure exposure. Improvements include new copper plumbing, electrical panel upgrades, exterior stucco enhancements, new windows, and a resurfaced second-floor walkway. These upgrades significantly mitigate deferred maintenance risk and help address insurance underwriting concerns.
Additional amenities include on-site laundry facilities and rare on-site parking for 11 vehicles (one garage and ten tandem surface spaces), a notable competitive advantage in this infill Long Beach location.
Strategically positioned within walking distance to Orizaba Park and just over a quarter mile from Belmont Center, the property offers convenient access to neighborhood retail and daily amenities. Immediate proximity to Pacific Coast Highway provides seamless connectivity to California State University, Long Beach, Long Beach City College, and key coastal employment corridors.
This offering represents a compelling opportunity to acquire a stabilized, renovated coastal asset with strong fundamentals and durable long-term income potential.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*