Prime Alamitos Beach $324/SF 1809 Appleton St 11 Unit Apartment Building $3,000,000 ($272,727/Unit) 5.33% Cap Rate Long Beach, CA 90802

1809 E. Appleton Street is an 11-unit multifamily asset located in the highly desirable Alamitos Beach submarket of Long Beach—one of the city’s most sought-after coastal rental markets. The submarket commands a consistent rental premium due to its proximity to the Pacific Ocean and immediate access to a highly walkable concentration of dining, retail, and nightlife amenities, driving strong demand from a lifestyle-oriented renter base.
The property features an attractive unit mix of ten (10) 1BD/1BA units and one (1) 2BD/2BA unit. Units offer spacious, oversized layouts with abundant natural light. Current rents remain approximately 18% below market, providing a clear path to achieving established rental premiums in Alamitos Beach.
Additional income is generated through on-site laundry facilities with Immediate upside available through the implementation of parking fees on the six (6) garages. The garage component also presents an opportunity for ADU conversion, allowing investors to further enhance rental income and long-term asset value.
Alamitos Beach represents one of Long Beach’s most compelling multifamily submarkets—characterized by a dense, walkable urban fabric set directly along the coastline. The neighborhood commands average rents of approximately $2,548 per month, representing a ~21% premium over the broader Long Beach market, while maintaining strong occupancy levels near 93%. The area’s appeal is driven by a unique combination of direct beach access and a vibrant cultural and nightlife scene, making it a popular choice for young professionals.
Overall, 1809 E. Appleton Street is offered at only $324 per square foot, presenting investors a well-priced opportunity to acquire a well-located asset in an A+ coastal submarket defined by durable tenant demand, high barriers to entry, and sustained rental premiums.