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1883 Pine Ave 8 Unit Apartment Building $2,095,000 ($261,875/Unit) 6.20% Cap Rate Long Beach, CA 90806
INVESTMENT HIGHLIGHTS
- 2 Brand New ADUs and all units updated.
- Garages were converted
EXECUTIVE SUMMARY
South Wrigley 8-Unit Turnkey Multifamily Property Built in 1979 with two new ADUs added in 2025, this stabilized, meticulously maintained 8-unit property in the desirable South Wrigley neighborhood offers a rare investment opportunity. The building features (4) updated 2-bedroom units (2) updated 1-bedroom units and (2) modern 2-bedroom ADUs, all in excellent condition. The main building’s units have been fully renovated with new cabinetry, countertops, ceramic tile and laminate flooring, appliances, electrical, plumbing, finish carpentry, hardware, interior/exterior doors, windows, and fresh paint inside and out. The 2025-built all-electric, separately metered ADUs include in-unit laundry and dedicated split-unit air conditioners for added tenant comfort. Six rear garages were converted into the ADUs, with (4) parking spaces retained behind the building. The property also boasts a 2024-installed roof, upgraded block wall/fencing, and a new parking gate, all completed with permits. The main building units are also separately metered for gas and electricity. Priced attractively at a sub-10.5X GRM and a 6.2% cap rate, this turnkey property is located on a charming, tree-lined residential street with head-in parking. It’s less than a mile from the 710 Freeway, under 2 miles from the 405, and just 2 miles north of the beach, offering unmatched convenience and appeal.
FINANCIAL SUMMARY (ACTUAL - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$196,620
|
$42.14
|
| Other Income |
$3,600
|
$0.77
|
| Vacancy Loss |
$9,831
|
$2.11
|
| Effective Gross Income |
$190,389
|
$40.80
|
| Taxes |
$26,188
|
$5.61
|
| Operating Expenses |
$34,032
|
$7.29
|
| Total Expenses |
$60,220
|
$12.91
|
| Net Operating Income |
$130,169
|
$27.90
|
FINANCIAL SUMMARY (ACTUAL - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $196,620 |
| Annual Per SF | $42.14 |
| Other Income | |
|---|---|
| Annual | $3,600 |
| Annual Per SF | $0.77 |
| Vacancy Loss | |
|---|---|
| Annual | $9,831 |
| Annual Per SF | $2.11 |
| Effective Gross Income | |
|---|---|
| Annual | $190,389 |
| Annual Per SF | $40.80 |
| Taxes | |
|---|---|
| Annual | $26,188 |
| Annual Per SF | $5.61 |
| Operating Expenses | |
|---|---|
| Annual | $34,032 |
| Annual Per SF | $7.29 |
| Total Expenses | |
|---|---|
| Annual | $60,220 |
| Annual Per SF | $12.91 |
| Net Operating Income | |
|---|---|
| Annual | $130,169 |
| Annual Per SF | $27.90 |
PROPERTY FACTS
| Price | $2,095,000 | Building Class | C |
| Price Per Unit | $261,875 | Lot Size | 0.15 AC |
| Sale Type | Investment | Building Size | 4,666 SF |
| Cap Rate | 6.20% | Average Occupancy | 100% |
| Gross Rent Multiplier | 10.46 | No. Stories | 1 |
| No. Units | 8 | Year Built/Renovated | 1979/2025 |
| Property Type | Multifamily | Parking Ratio | 0.86/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | R4R - restricted Density Multiple Dwelling | ||
| Price | $2,095,000 |
| Price Per Unit | $261,875 |
| Sale Type | Investment |
| Cap Rate | 6.20% |
| Gross Rent Multiplier | 10.46 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 4,666 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1979/2025 |
| Parking Ratio | 0.86/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R4R - restricted Density Multiple Dwelling |
AMENITIES
SITE AMENITIES
- Fenced Lot
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 6 | $2,133 | - |
| 1+1 | 2 | $1,795 | - |
1 1
Walk Score®
Very Walkable (86)
Bike Score®
Very Bikeable (77)
PROPERTY TAXES
| Parcel Number | 7209-021-002 | Total Assessment | $1,377,000 |
| Land Assessment | $561,000 | Annual Taxes | $26,188 ($5.61/SF) |
| Improvements Assessment | $816,000 | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
7209-021-002
Land Assessment
$561,000
Improvements Assessment
$816,000
Total Assessment
$1,377,000
Annual Taxes
$26,188 ($5.61/SF)
Tax Year
2025
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1883 Pine Ave
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