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16 38th Pl 7 Unit Apartment Building $3,800,000 ($542,857/Unit) 5.69% Cap Rate Long Beach, CA 90803
Investment Highlights
- Prime Location
- Ocean Views
- Belmont Shore
Executive Summary
Property Overview
16 38th Pl is a 7-unit multifamily investment located in a coastal Long Beach rental pocket, delivered 100% vacant and offering a clear path to stabilization through immediate lease-up at market rents. Built in 1962, the 5,473-square-foot building sits on a 5,259-square-foot lot and features a functional unit mix of (4) 1-bedroom / 1-bath units, (2) 2-bedroom / 1-bath units, and (1) 2-bedroom / 2-bath unit, supporting broad tenant appeal and efficient operations.The property is subject to rent control; however, full vacant delivery allows a new owner to establish a clean, market-based rent roll from day one, eliminating tenant turnover delays and lease renegotiation risk. Based on the underwriting, stabilized rents average approximately $3,536 per unit, generating roughly $209K in projected NOI upon stabilization. Additional income is supported by 10 on-site parking spaces and laundry operations, strengthening effective gross income and long-term cash flow durability.
Investment Highlights
100% Vacant Delivery
Immediate Lease-Up Strategy
Ancillary Income Through Parking & Laundry
Efficient Expense Profile
Coastal Long Beach Rental Demand
Stabilized Exit Value Creation
16 38th Pl is a 7-unit multifamily investment located in a coastal Long Beach rental pocket, delivered 100% vacant and offering a clear path to stabilization through immediate lease-up at market rents. Built in 1962, the 5,473-square-foot building sits on a 5,259-square-foot lot and features a functional unit mix of (4) 1-bedroom / 1-bath units, (2) 2-bedroom / 1-bath units, and (1) 2-bedroom / 2-bath unit, supporting broad tenant appeal and efficient operations.The property is subject to rent control; however, full vacant delivery allows a new owner to establish a clean, market-based rent roll from day one, eliminating tenant turnover delays and lease renegotiation risk. Based on the underwriting, stabilized rents average approximately $3,536 per unit, generating roughly $209K in projected NOI upon stabilization. Additional income is supported by 10 on-site parking spaces and laundry operations, strengthening effective gross income and long-term cash flow durability.
Investment Highlights
100% Vacant Delivery
Immediate Lease-Up Strategy
Ancillary Income Through Parking & Laundry
Efficient Expense Profile
Coastal Long Beach Rental Demand
Stabilized Exit Value Creation
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $3,800,000 | Apartment Style | Low-Rise |
| Price Per Unit | $542,857 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.12 AC |
| Cap Rate | 5.69% | Building Size | 5,473 SF |
| Gross Rent Multiplier | 12.75 | Average Occupancy | 0% |
| No. Units | 7 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1962 |
| Property Subtype | Apartment | Parking Ratio | 1.83/1,000 SF |
| Zoning | LBR4R - Residential | ||
| Price | $3,800,000 |
| Price Per Unit | $542,857 |
| Sale Type | Investment |
| Cap Rate | 5.69% |
| Gross Rent Multiplier | 12.75 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 5,473 SF |
| Average Occupancy | 0% |
| No. Stories | 3 |
| Year Built | 1962 |
| Parking Ratio | 1.83/1,000 SF |
| Zoning | LBR4R - Residential |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Oven
- Range
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Walking/Biking Trails
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $3,750 | 675 - 750 |
| 2+1 | 3 | $4,000 | 950 |
Moderately walkable
60/100
Moderately drivable
60/100
Some public transit
50/100
Exceptionally bikeable
90/100
Property Taxes
| Parcel Number | 7256-001-023 | Improvements Assessment | $1,980,840 |
| Land Assessment | $1,275,000 | Total Assessment | $3,255,840 |
Property Taxes
Parcel Number
7256-001-023
Land Assessment
$1,275,000
Improvements Assessment
$1,980,840
Total Assessment
$3,255,840
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16 38th Pl
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