2536 Atlantic Ave - 2536 Atlantic Ave, Long Beach 4 Unit Apartment Building Offered at $1,250,000 at a 6.30% Cap Rate Long Beach, CA 90806

2536 Atlantic Avenue is a well-located four-unit multifamily property situated in a strong rental corridor of Long Beach. Originally built in 1929, the property features four spacious 2-bedroom / 1-bath units, each approximately 918 square feet, offering a highly desirable unit mix that continues to see strong demand among local renters.
The property has undergone extensive recent upgrades, including new exterior paint, replaced deck wood, new windows, upgraded electrical panels, new front doors, and interior wood improvements. Three of the four units have been remodeled, and two units feature energy-efficient mini-split HVAC systems, providing modern comfort for tenants while reducing future capital expenditure needs.
Three of the four primary units are currently occupied, generating $7,100 in monthly rental income, while Unit #2 is vacant, creating immediate opportunity for a new owner to lease at market rents. Current rents range from $1,550 to $2,850, with comparable units in the area achieving approximately $2,900 per unit, offering significant rental upside through lease-up and market adjustments.
The property also includes an additional 1-bedroom / 1-bath ADU structure, currently vacant and not included in the official rent roll, presenting further income potential subject to buyer verification.
Each unit benefits from in-unit laundry and garage plus on-site parking, attractive amenities that support strong tenant demand. Utilities are largely tenant-paid, with tenants responsible for gas and electricity and covering electricity charges exceeding $200 per month, helping keep operating expenses manageable.
With one vacant unit ready for lease-up, a potential ADU income opportunity, and strong in-place upgrades, 2536 Atlantic Avenue presents a compelling opportunity for both investors and owner-users seeking a well-maintained asset with immediate upside in one of Long Beach’s strongest rental corridors.