241 Lindero Ave - 241 Lindero Ave, Long Beach 4 Unit Apartment Building Offered at $1,800,000 at a 6.30% Cap Rate Long Beach, CA 90803

Excellent opportunity to acquire a well-located 4-unit multifamily investment property in the highly desirable Belmont Heights / Bluff Heights area of Long Beach, just blocks from the beach and near Broadway, Belmont Shore, and Shoreline Village. This prime coastal location offers strong rental demand, high walkability (Walk Score 94), and long-term appreciation potential.
The property consists of approximately 4,032 square feet of living space on a 6,109 square foot lot and features a strong and functional unit mix of one 3-bedroom, 2-bath unit (approximately 1,239 SF) and three 2-bedroom, 1-bath units (approximately 931 SF each), spread across two levels. The layout of the units is efficient and desirable, with good natural flow, dining areas, and ample storage.
One unit is currently vacant, providing immediate flexibility for a buyer to either occupy or lease at current market rent. This creates a clear and immediate value-add opportunity without the need for heavy renovation. The remaining units are occupied, providing stable in-place income.
The property benefits from a number of recent improvements, including freshly painted exteriors for both the main building and detached garage, updated exterior lighting for improved curb appeal, a roof replacement completed approximately five years ago, and Section 1 termite clearance completed in 2026. One of the electrical panels has also been replaced. In addition, the downstairs 2-bedroom unit has been recently remodeled following a prior insurance claim, with upgrades including new flooring, updated kitchen cabinetry, and refreshed bathroom finishes.
Parking is a strong feature for this property, particularly given the beach-close location. The property includes two 2-car garages (4 total garage spaces), with each unit assigned one garage space. The 3-bedroom unit also benefits from an additional dedicated parking space, bringing the total to five parking spaces. Street parking in the area is also relatively ample, which further enhances tenant convenience.
Additional income is generated from an on-site community laundry facility, currently producing approximately $100 per month ($1,200 annually), providing a supplemental revenue stream.
Financially, the property offers both stable current income and clear upside potential. Current gross operating income is approximately $93,630 annually, with low operating expenses of approximately $8,291, resulting in a current net operating income (NOI) of approximately $85,339 and an estimated cap rate of approximately 4.7% at the current asking price.
Once the vacant unit is leased at market rent and existing rents are adjusted toward market levels, the property has a projected gross scheduled income of approximately $123,300 annually, with a pro forma NOI of approximately $115,009 and a projected cap rate of approximately 6.3%. This represents a meaningful increase in cash flow with relatively minimal effort.
This asset is well-suited for investors seeking a coastal multifamily property with a balance of in-place income and near-term upside. The combination of location, unit mix, parking, recent improvements, and low operating expenses makes this a compelling opportunity for both seasoned investors and those looking to acquire a stable asset in a high-demand Long Beach submarket.