226-248 Gaviota Ave E 16 Unit Apartment Building $3,600,000 ($225,000/Unit) 6.10% Cap Rate Long Beach, CA 90802

S TRO N G I N - PL AC E C A S H F LOW W ITH AC H I E VA B LE U P S I D E
226 Gaviota Avenue presents a compelling opportunity to acquire a well-maintained 16-unit multifamily asset in the heart of Alamitos Beach, one of Long Beach's most desirable coastal rental markets. Offered at $3,600,000, the property combines an attractive 6.10% in-place cap rate with meaningful rental upside and a clear path to increased cash flow.
The property consists of 12 studios and four two-bedroom units, all of which have been updated with newer kitchens and bathrooms while retaining desirable vintage built-ins and period details. Twelve of the property's 16 units have also received new electrical, significantly reducing future capital expenditure requirements.
Current rents remain approximately 12.5% below pro forma levels. Through the realization of market rents and implementation of RUBS, NOI is projected to increase approximately 21.7%, from $219,729 to $267,389, resulting in a 7.43% pro forma cap rate. Importantly, the underwriting remains supported by nearby rental comparables, with pro forma rents below the averages achieved by the selected studio and two-bedroom comparable properties.
Located in highly walkable Alamitos Beach, the property benefits from immediate access to the neighborhood's dining, shopping and entertainment amenities, as well as proximity to the beach, Downtown Long Beach and major employment centers. The combination of strong current yield, achievable rental upside, updated interiors and a supply-constrained coastal location positions 226 Gaviota as an attractive long-term investment with both immediate income and meaningful future growth potential.