Prime East Village Arts District 319 Elm Ave 24 Unit Apartment Building $5,500,000 ($229,167/Unit) 5.40% Cap Rate Long Beach, CA 90802

319 Elm Street is a 24-unit multifamily asset located in Long Beach’s East Village Arts District, a dense and walkable Downtown submarket known for its consistent renter demand and proximity to employment, transit, and lifestyle amenities. The property is comprised of eighteen (18) studio units and six (6) one-bedroom/one-bath units, offering an efficient small-unit mix aligned with the area’s tenant profile, as evidenced by 100% occupancy (as of March 2026). Furthermore, ten (10) on-site parking spaces represent a rare, meaningful amenity in a submarket where parking remains constrained.
Originally constructed in 1912, the property retains its original character on the exterior while offering fully renovated interiors across all units. The seller has invested over $900,000 in capital improvements, including comprehensive electrical upgrades throughout the building, unit renovations, keyless entry on all units, common area enhancements, and exterior improvements. The completion of these upgrades, combined with separately metered utilities, supports a more efficient and predictable operating profile with limited near-term capital requirements.
The property benefits from a highly walkable location, with a 98 Walk Score and 91 Bike Score, providing residents with immediate access to Downtown Long Beach’s retail, dining, and entertainment corridors. The East Village Arts District continues to demonstrate stable occupancy and sustained rental demand, supported by its concentration of local businesses, historic character, and connectivity to the broader Downtown area.
From an investment perspective, 319 Elm Street is a stabilized, operationally efficient asset within a supply-constrained urban infill location. The offering also qualifies for attractive financing at 5.05%.