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1922 Locust Ave 8 Unit Apartment Building $1,700,000 ($212,500/Unit) 7.04% Cap Rate Long Beach, CA 90806
INVESTMENT HIGHLIGHTS
- Current 7.04% Cap Rate and 9.81 GRM
- 5 units remodeled; three units are vacant and rent-ready
- Priced at only $212k/Unit
EXECUTIVE SUMMARY
7.32% Cap Rate and a 9.52 GRM, 1922 Locust Ave, is an 8-unit apartment building located in the South Wrigley submarket of Long Beach. Priced at just $212k/unit, this investment offers a compelling mix of immediate cash flow and long-term upside in a rapidly developing market. The property is comprised of (8) 1-Bed/1-Bath units, with five recently remodeled. Three units are currently vacant and rent-ready, offering the perfect opportunity for an owner-user or investor to quickly add value. Situated just outside the booming Downtown Long Beach core, 1922 Locust Ave is primed to benefit from over $6 Billion in local investment, including transformational projects like the Long Beach Civic Center, Queen Mary Island, CSULB Downtown Village, Broadway Block, and the Ocean Aire Development. No local rent control - subject to AB-1482 CA Statewide rent control, which allows 5%+CPI rental increases.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$169,524
|
$35.83
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$5,086
|
$1.07
|
| Effective Gross Income |
$164,438
|
$34.75
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$48,281
|
$10.20
|
| Net Operating Income |
$116,157
|
$24.55
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $169,524 |
| Annual Per SF | $35.83 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $5,086 |
| Annual Per SF | $1.07 |
| Effective Gross Income | |
|---|---|
| Annual | $164,438 |
| Annual Per SF | $34.75 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $48,281 |
| Annual Per SF | $10.20 |
| Net Operating Income | |
|---|---|
| Annual | $116,157 |
| Annual Per SF | $24.55 |
PROPERTY FACTS
| Price | $1,700,000 | Apartment Style | Low-Rise |
| Price Per Unit | $212,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 7.04% | Building Size | 4,732 SF |
| Gross Rent Multiplier | 9.52 | No. Stories | 2 |
| No. Units | 8 | Year Built | 1946 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Property Subtype | Apartment | ||
| Zoning | PD29, Long Beach - Planned Development | ||
| Price | $1,700,000 |
| Price Per Unit | $212,500 |
| Sale Type | Investment |
| Cap Rate | 7.04% |
| Gross Rent Multiplier | 9.52 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 4,732 SF |
| No. Stories | 2 |
| Year Built | 1946 |
| Opportunity Zone |
Yes |
| Zoning | PD29, Long Beach - Planned Development |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Kitchen
- Sprinkler System
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Public Transportation
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 8 | - | - |
1 1
Walk Score®
Very Walkable (85)
Bike Score®
Very Bikeable (74)
PROPERTY TAXES
| Parcel Number | 7209-014-024 | Improvements Assessment | $800,000 (2025) |
| Land Assessment | $450,000 (2025) | Total Assessment | $1,250,000 (2025) |
PROPERTY TAXES
Parcel Number
7209-014-024
Land Assessment
$450,000 (2025)
Improvements Assessment
$800,000 (2025)
Total Assessment
$1,250,000 (2025)
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1922 Locust Ave
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