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1827 E 4th St 19 Unit Apartment Building $7,400,000 ($389,474/Unit) 5.12% Cap Rate Long Beach, CA 90802
Investment Highlights
- $2.37M tax benefit with accelerated depreciation via cost segregation is a massive financial incentive.
- Rare Parking/Storage: Includes 7 garage spaces and storage lockers, which are high-demand luxuries in Long Beach
- Essentially new construction: 17 re-built units (2023) and 2 ground-up units (2025).
- Low ownership overhead: Rooftop solar, separate meters, and drought-tolerant landscaping reduce operational costs.
- $487/SF price point is below replacement cost
- 100% New Major Systems: All-new plumbing, electrical, and mechanical infrastructure mitigates the risk of hidden defects.
Executive Summary
Introducing Pike Manor at 1827 E. 4th Street in the heart of Retro Row, one of Long Beach’s most dynamic and supply-constrained coastal neighborhoods.
Originally re-constructed in 2023 with two additional ground-up units completed in 2025, the property offers investors an institutional-quality Class A asset with strong in-place cash flow at a significant discount to Class A institutional assets. The property is 100% leased to a high-credit tenant base and operates at a 5.13% CAP rate at approximately $487 per square foot — a basis significantly below replacement cost for comparable new coastal construction.
Pike Manor has undergone an extensive top-to-bottom redevelopment, including 100% all new building infrastructure top to bottom, including plumbing, sewer and water lines, gas lines, electrical systems, subpanels, meters, mechanical systems, roofing, windows, doors, façade improvements, hardscape, and landscaping. The property was re-built post-Title 24 standards and was designed to minimize future capital expenditure risk while creating operational efficiency through separate gas and electric metering, rooftop solar, drought-tolerant landscaping, and high-efficiency systems throughout.
All units feature premium modern interiors with quartz countertops, European-style cabinetry, designer fixtures, Energy Star appliances, plank flooring, in-unit washer/dryers, all new windows, oversized walk-in closets, and designer coastal finishes curated to attract Long Beach’s growing professional tenant demographic. Several units feature oversized layouts, vaulted ceilings, bay windows, and unique architectural details rarely found in newer multifamily products.
The asset also includes seven garage parking spaces, newly constructed garage structures with mechanized doors, and private resident storage lockers in the basement — amenities that are increasingly rare and highly valued in dense coastal markets like Long Beach.
In addition to durable, stabilized current income, the property offers a substantial tax advantage through accelerated depreciation. A completed cost segregation study projects approximately $2.37 million in depreciation within the first five years of ownership, creating significant sheltering potential for investors seeking tax-efficient cash flow.
Situated just blocks from the Pacific Ocean and Bluff Park, Pike Manor blends essentially new construction quality with the character and walkability that define this highly coveted pocket of Long Beach.
Originally re-constructed in 2023 with two additional ground-up units completed in 2025, the property offers investors an institutional-quality Class A asset with strong in-place cash flow at a significant discount to Class A institutional assets. The property is 100% leased to a high-credit tenant base and operates at a 5.13% CAP rate at approximately $487 per square foot — a basis significantly below replacement cost for comparable new coastal construction.
Pike Manor has undergone an extensive top-to-bottom redevelopment, including 100% all new building infrastructure top to bottom, including plumbing, sewer and water lines, gas lines, electrical systems, subpanels, meters, mechanical systems, roofing, windows, doors, façade improvements, hardscape, and landscaping. The property was re-built post-Title 24 standards and was designed to minimize future capital expenditure risk while creating operational efficiency through separate gas and electric metering, rooftop solar, drought-tolerant landscaping, and high-efficiency systems throughout.
All units feature premium modern interiors with quartz countertops, European-style cabinetry, designer fixtures, Energy Star appliances, plank flooring, in-unit washer/dryers, all new windows, oversized walk-in closets, and designer coastal finishes curated to attract Long Beach’s growing professional tenant demographic. Several units feature oversized layouts, vaulted ceilings, bay windows, and unique architectural details rarely found in newer multifamily products.
The asset also includes seven garage parking spaces, newly constructed garage structures with mechanized doors, and private resident storage lockers in the basement — amenities that are increasingly rare and highly valued in dense coastal markets like Long Beach.
In addition to durable, stabilized current income, the property offers a substantial tax advantage through accelerated depreciation. A completed cost segregation study projects approximately $2.37 million in depreciation within the first five years of ownership, creating significant sheltering potential for investors seeking tax-efficient cash flow.
Situated just blocks from the Pacific Ocean and Bluff Park, Pike Manor blends essentially new construction quality with the character and walkability that define this highly coveted pocket of Long Beach.
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$531,312
|
$35.03
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$21,252
|
$1.40
|
| Effective Gross Income |
$510,060
|
$33.63
|
| Taxes |
$91,775
|
$6.05
|
| Operating Expenses |
$38,384
|
$2.53
|
| Total Expenses |
$130,159
|
$8.58
|
| Net Operating Income |
$379,901
|
$25.05
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $531,312 |
| Annual Per SF | $35.03 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $21,252 |
| Annual Per SF | $1.40 |
| Effective Gross Income | |
|---|---|
| Annual | $510,060 |
| Annual Per SF | $33.63 |
| Taxes | |
|---|---|
| Annual | $91,775 |
| Annual Per SF | $6.05 |
| Operating Expenses | |
|---|---|
| Annual | $38,384 |
| Annual Per SF | $2.53 |
| Total Expenses | |
|---|---|
| Annual | $130,159 |
| Annual Per SF | $8.58 |
| Net Operating Income | |
|---|---|
| Annual | $379,901 |
| Annual Per SF | $25.05 |
Property Facts
| Price | $7,400,000 | Apartment Style | Low-Rise |
| Price Per Unit | $389,474 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.21 AC |
| Cap Rate | 5.12% | Building Size | 15,168 SF |
| Gross Rent Multiplier | 13.93 | Average Occupancy | 100% |
| No. Units | 19 | No. Stories | 4 |
| Property Type | Multifamily | Year Built/Renovated | 2023/2025 |
| Property Subtype | Apartment | Parking Ratio | 0.46/1,000 SF |
| Zoning | CNR, Long Beach | ||
| Price | $7,400,000 |
| Price Per Unit | $389,474 |
| Sale Type | Investment |
| Cap Rate | 5.12% |
| Gross Rent Multiplier | 13.93 |
| No. Units | 19 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.21 AC |
| Building Size | 15,168 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built/Renovated | 2023/2025 |
| Parking Ratio | 0.46/1,000 SF |
| Zoning | CNR, Long Beach |
Amenities
Unit Amenities
- Dishwasher
- Disposal
- Fireplace
- Microwave
- Storage Space
- Washer/Dryer
- Heating
- Bay Window
- Ceiling Fans
- Kitchen
- Hardwood Floors
- Vaulted Ceiling
- Refrigerator
- Oven
- Range
- Tub/Shower
- Walk-In Closets
- Breakfast Nook
- Den
- Dining Room
- Double Pane Windows
- Family Room
- Freezer
- Porch
Site Amenities
- 24 Hour Access
- Controlled Access
- Property Manager on Site
- Tenant Controlled HVAC
- Storage Space
- Bicycle Storage
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 12 | $2,093 | 524 |
| 1+1 | 4 | $2,550 | 875 |
| 2+1 | 3 | $2,993 | 850 - 1,150 |
Moderately walkable
70/100
Moderately drivable
60/100
Some public transit
50/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 7266-026-036 | Total Assessment | $4,122,793 (2025) |
| Land Assessment | $2,122,416 (2025) | Annual Taxes | $91,775 ($6.05/SF) |
| Improvements Assessment | $2,000,377 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
7266-026-036
Land Assessment
$2,122,416 (2025)
Improvements Assessment
$2,000,377 (2025)
Total Assessment
$4,122,793 (2025)
Annual Taxes
$91,775 ($6.05/SF)
Tax Year
2026
Contact
-
Matthew Firth -
Terrace Property Management INC
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