1721-1725 Freeman Ave 16 Unit Apartment Building $4,995,000 ($312,188/Unit) 5.34% Cap Rate Long Beach, CA 90804

1721–1725 Freeman Avenue is a turnkey 16-unit multifamily asset located in the Eastside submarket of Long Beach—one of the most densely populated and supply-constrained rental corridors in Southern California. Strategically positioned between Downtown Long Beach and Cal State Long Beach, the property benefits from immediate access to major employment centers, transit infrastructure, and the cultural and economic activity along the Anaheim Street corridor.
The property features a well-balanced unit mix of twelve (12) 1BD/1BA units and four (4) 2BD/1BA units. All units have been fully renovated with high-quality finishes, providing
a true turnkey investment profile. Additionally, two (2) newly constructed ADUs further enhance income potential and position the asset to capture continued rent growth.
Ownership has invested approximately $1,150,000 in capital improvements, including full interior renovations, ADU construction, upgraded electrical and plumbing systems, modern landscaping, and exterior enhancements. These improvements materially reduce near-term capital expenditure requirements while aligning the asset with current renter expectations.
Operationally, the property benefits from separately metered utilities and an in-place RUBS program, supporting efficient expense recovery. Additional income is generated through on-site laundry facilities and six (6) parking spaces.
Eastside Long Beach presents a highly compelling investment submarket driven by a convergence of strong fundamentals. The neighborhood boasts an exceptional 89.3% renter population paired with an extremely tight vacancy rate of approximately 3.7%, indicating sustained demand and immediate lease-up potential . With a Walk Score of 91, the area ranks among the most walkable neighborhoods in Long Beach, providing residents with convenient access to retail, dining, and public transit .
The submarket’s housing stock creates a durable value-add environment where renovated units command meaningful rent premiums. At the same time, dense urban zoning and limited available land have effectively constrained new development, insulating existing assets from future supply pressure . Ongoing city-backed revitalization along the Anaheim Street corridor, combined with proximity to a 37,000-student university, further supports long-term rent growth and asset appreciation.
With average rents in the submarket already exceeding the Long Beach average and continued upward pressure driven by limited supply and strong renter demand, 1721–1725 Freeman Avenue is well-positioned to deliver stable cash flow with embedded upside.