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16 38th Pl 7 Unit Apartment Building $3,900,000 ($557,143/Unit) 5.55% Cap Rate Long Beach, CA 90803
Executive Summary
16 38th Pl is a 7-unit multifamily investment located in a coastal Long Beach rental pocket, delivered 100% vacant and offering immediate lease-up upside with a clear path to stabilized NOI growth. Built in 1962, the 5,473-square-foot building sits on a 5,259-square-foot lot and features a highly functional unit mix of (4) 1-bedroom / 1-bath units and (3) 2-bedroom / 1-bath units, 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 turnover delays and execution friction. Additional income upside is supported by 10 on-site parking spaces and laundry income, enhancing effective gross income and long-term cash flow durability.Offered at $3,900,000 ($557,143 per unit / $712.59 per square foot), the asset underwrites to a 5.55% cap rate and 12.75 GRM at stabilization, presenting a compelling opportunity to acquire a well-located Long Beach multifamily asset with immediate control, strong income fundamentals, and durable resale appeal.
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- Offering Memorandum
Property Facts
| Price | $3,900,000 | Apartment Style | Low-Rise |
| Price Per Unit | $557,143 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.12 AC |
| Cap Rate | 5.55% | 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 | ||
| Price | $3,900,000 |
| Price Per Unit | $557,143 |
| Sale Type | Investment |
| Cap Rate | 5.55% |
| 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 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | $4,500 | 750 |
| 1+1 | 3 | $3,000 | 675 |
| 2+1 | 3 | $4,000 | 950 |
Walk Score®
Very Walkable (81)
Bike Score®
Very Bikeable (75)
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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