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Prime East Village Arts District 235 Linden Ave 18 Unit Apartment Building $3,500,000 ($194,444/Unit) 6% Cap Rate Long Beach, CA 90802
Investment Highlights
- All Units Renovated
- Opportunity to Increase Cash Flow with RUBS Implementation
- 7.17% Cap Rate / 8.76 GRM at Market
- Approximately $275K in CapEx
- Prime East Village Arts District Commands Rental Premiums
Executive Summary
235–237 Linden Avenue is an 18-unit multifamily asset located in Long Beach's East Village Arts District, a walkable, supply-constrained Downtown submarket supported by strong renter demand and proximity to employment, transit, and lifestyle amenities. The property features nine (9) studios and nine (9) one-bedroom/ one-bath units, an efficient unit mix aligned with market demand, as evidenced by 100% occupancy.*
Originally constructed in 1913, the building retains its historic exterior while offering fully renovated interiors throughout. Ownership has invested approximately $275,000 in capital improvements, including roof upgrades, renovated units, keyless entry, and exterior improvements. As a result, the property offers a stabilized, low-maintenance investment with minimal near-term capital needs.
The property boasts a 98 Walk Score and 91 Bike Score, placing residents within walking distance of Downtown Long Beach's restaurants, retail, and entertainment. The East Village Arts District continues to benefit from stable occupancy and rental demand driven by its vibrant local business community and convenient access to the broader Downtown employment base.
235–237 Linden Avenue offers a clear path to value creation, currently priced at a 6.00% cap rate and 9.85 GRM with meaningful room to grow. Through the implementation of RUBS and the achievement of market rents, an investor can push the property to a 7.17% cap rate and 8.76 GRM—a 117-basis-point expansion in yield and more than a full point of GRM compression. This equates to $40,908 of additional annual NOI, a nearly 20% increase in cash flow with no change in basis.
Originally constructed in 1913, the building retains its historic exterior while offering fully renovated interiors throughout. Ownership has invested approximately $275,000 in capital improvements, including roof upgrades, renovated units, keyless entry, and exterior improvements. As a result, the property offers a stabilized, low-maintenance investment with minimal near-term capital needs.
The property boasts a 98 Walk Score and 91 Bike Score, placing residents within walking distance of Downtown Long Beach's restaurants, retail, and entertainment. The East Village Arts District continues to benefit from stable occupancy and rental demand driven by its vibrant local business community and convenient access to the broader Downtown employment base.
235–237 Linden Avenue offers a clear path to value creation, currently priced at a 6.00% cap rate and 9.85 GRM with meaningful room to grow. Through the implementation of RUBS and the achievement of market rents, an investor can push the property to a 7.17% cap rate and 8.76 GRM—a 117-basis-point expansion in yield and more than a full point of GRM compression. This equates to $40,908 of additional annual NOI, a nearly 20% increase in cash flow with no change in basis.
Property Facts
| Price | $3,500,000 | Building Class | C |
| Price Per Unit | $194,444 | Lot Size | 0.18 AC |
| Sale Type | Investment | Building Size | 9,029 SF |
| Cap Rate | 6% | Average Occupancy | 100% |
| Gross Rent Multiplier | 9.85 | No. Stories | 2 |
| No. Units | 18 | Year Built | 1913 |
| Property Type | Multifamily | Parking Ratio | 0.44/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | PD30, Long Beach | ||
| Price | $3,500,000 |
| Price Per Unit | $194,444 |
| Sale Type | Investment |
| Cap Rate | 6% |
| Gross Rent Multiplier | 9.85 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 9,029 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1913 |
| Parking Ratio | 0.44/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | PD30, Long Beach |
Amenities
Unit Amenities
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 9 | - | 430 |
| 1+1 | 9 | - | 510 - 600 |
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Exceptionally walkable
90/100
Moderately drivable
70/100
Strong public transit
80/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 7281-016-008 | Improvements Assessment | $1,405,551 |
| Land Assessment | $2,565,692 | Total Assessment | $3,971,243 |
Property Taxes
Parcel Number
7281-016-008
Land Assessment
$2,565,692
Improvements Assessment
$1,405,551
Total Assessment
$3,971,243
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