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9 Units in Long Beach - 9.4 GRM - 1775 Locust Ave 9 Unit Apartment Building $2,019,000 ($224,333/Unit) 7.31% Cap Rate Long Beach, CA 90813
INVESTMENT HIGHLIGHTS
- PRICED TO SELL. 9.0 GRM AND 7.2% CAP against in-place rents with upside to 8.0 GRM.
- Excellent Unit mix for the area.
- Earn over a 10+% cash on cash return at current rents with upside to 15%.
- EMAIL LISTING AGENT FOR MORE INFO INCLUDING A RENT ROLL AND OM.
- 25% down lender financing available to qualified Buyers.
EXECUTIVE SUMMARY
PRICED TO SELL. UNDER 9.0 GRM AND 7.2% CAP against in-place rents with upside to 8.0 GRM and 8.4% CAP.
9 units in Long Beach. Excellent unit mix for the area. Well-maintained and professionally managed property. Property is subject to AB 1482 Rent Control (5% + CPI increase allowed). 4 garages in the rear. On-site laundry.
Escape Los Angeles Rent Control (RSO) and invest in a more landlord-friendly environment - welcome to Long Beach. Stop dealing with difficult tenants and a City that wants to continue to stifle your annual rent increases. Instead, own a building located blocks from the Ocean.
A number of units here are rented to Section 8 and Housing Programs - rents could easily be pushed higher based on Payment Standards for the 90813 zip code.
The 4 garages in rear could potentially be converted to ADU's - Buyer to verify.
25% down lender financing available to qualified Buyers.
EMAIL LISTING AGENT FOR MORE INFO INCLUDING A RENT ROLL AND OM.
9 units in Long Beach. Excellent unit mix for the area. Well-maintained and professionally managed property. Property is subject to AB 1482 Rent Control (5% + CPI increase allowed). 4 garages in the rear. On-site laundry.
Escape Los Angeles Rent Control (RSO) and invest in a more landlord-friendly environment - welcome to Long Beach. Stop dealing with difficult tenants and a City that wants to continue to stifle your annual rent increases. Instead, own a building located blocks from the Ocean.
A number of units here are rented to Section 8 and Housing Programs - rents could easily be pushed higher based on Payment Standards for the 90813 zip code.
The 4 garages in rear could potentially be converted to ADU's - Buyer to verify.
25% down lender financing available to qualified Buyers.
EMAIL LISTING AGENT FOR MORE INFO INCLUDING A RENT ROLL AND OM.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$230,000
|
$32.05
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$230,000
|
$32.05
|
| Net Operating Income |
-
|
-
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $230,000 |
| Annual Per SF | $32.05 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $230,000 |
| Annual Per SF | $32.05 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
PROPERTY FACTS
| Price | $2,019,000 | Apartment Style | Low-Rise |
| Price Per Unit | $224,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 7.31% | Building Size | 7,176 SF |
| Gross Rent Multiplier | 9 | Average Occupancy | 100% |
| No. Units | 9 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1962 |
| Property Subtype | Apartment | Parking Ratio | 0.56/1,000 SF |
| Zoning | R4R | ||
| Price | $2,019,000 |
| Price Per Unit | $224,333 |
| Sale Type | Investment |
| Cap Rate | 7.31% |
| Gross Rent Multiplier | 9 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 7,176 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1962 |
| Parking Ratio | 0.56/1,000 SF |
| Zoning | R4R |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 7 | - | 700 - 800 |
| 3+1 | 2 | - | 700 - 800 |
1 1
Walk Score®
Very Walkable (83)
Bike Score®
Very Bikeable (74)
PROPERTY TAXES
| Parcel Number | 7269-010-037 | Improvements Assessment | $1,524,689 (2025) |
| Land Assessment | $568,913 (2025) | Total Assessment | $2,093,602 (2025) |
PROPERTY TAXES
Parcel Number
7269-010-037
Land Assessment
$568,913 (2025)
Improvements Assessment
$1,524,689 (2025)
Total Assessment
$2,093,602 (2025)
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9 Units in Long Beach - 9.4 GRM - | 1775 Locust Ave
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