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1922 Locust Ave 8 Unit Apartment Building $1,700,000 ($212,500/Unit) 7.25% Cap Rate Long Beach, CA 90806
Investment Highlights
- Current 7.25% Cap Rate and 9.59 GRM
- 5 units remodeled; 4 units are vacant and rent-ready
- Priced at only $212,500/Unit
- Perfect opportunity for any investor looking for a low-basis deal with great cash flow
Executive Summary
We are proud to present 1922 Locust Avenue, an 8-unit apartment building located in the South Wrigley submarket of Long Beach. This asset is currently operating at a 7.25% Cap Rate and a 9.59 GRM! 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.
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.
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
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 | 7.25% | Building Size | 4,732 SF |
| Gross Rent Multiplier | 9.59 | No. Stories | 2 |
| No. Units | 8 | Year Built | 1946 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Property Subtype | Apartment | ||
| Zoning | LBPD29 - Planned Development | ||
| Price | $1,700,000 |
| Price Per Unit | $212,500 |
| Sale Type | Investment |
| Cap Rate | 7.25% |
| Gross Rent Multiplier | 9.59 |
| 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 | LBPD29 - 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 | $1,845 | - |
1 1
Moderately walkable
60/100
Very drivable
80/100
Good public transit
70/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 7209-014-024 | Total Assessment | $1,250,000 |
| Land Assessment | $450,000 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $800,000 | Tax Year | 2025 |
Property Taxes
Parcel Number
7209-014-024
Land Assessment
$450,000
Improvements Assessment
$800,000
Total Assessment
$1,250,000
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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1922 Locust Ave
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