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Prime East Village Arts District 319 Elm Ave 24 Unit Apartment Building $4,800,000 ($200,000/Unit) 6.42% Cap Rate Long Beach, CA 90802
Investment Highlights
- All Units Renovated
- Over $900K in CapEx Including Comprehensive Electrical Upgrades
- 10 Parking Spaces
- 1920's Character Building with Studios & One Bedrooms
- Utilities Separately Metered
- Prime East Village Arts District Commands Rental Premiums
Executive Summary
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. Furthermore, ten (10) on-site parking spaces represent a rare, meaningful amenity in a submarket where parking remains constrained.
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.
319 Elm Avenue is priced at a 6.42% cap rate and 10.06 GRM in place, with a clear runway to grow. As rents move to market and RUBS is implemented, the property stabilizes at a 7.28% cap rate and 9.20 GRM—an 86-basis-point expansion in yield and a full point of GRM compression. That translates to $41,296 of additional annual NOI, a 13% increase in cash flow at no change in basis.
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.
319 Elm Avenue is priced at a 6.42% cap rate and 10.06 GRM in place, with a clear runway to grow. As rents move to market and RUBS is implemented, the property stabilizes at a 7.28% cap rate and 9.20 GRM—an 86-basis-point expansion in yield and a full point of GRM compression. That translates to $41,296 of additional annual NOI, a 13% increase in cash flow at no change in basis.
Property Facts
| Price | $4,800,000 | Building Class | C |
| Price Per Unit | $200,000 | Lot Size | 0.18 AC |
| Sale Type | Investment | Building Size | 12,061 SF |
| Cap Rate | 6.42% | Average Occupancy | 100% |
| Gross Rent Multiplier | 5.65 | No. Stories | 3 |
| No. Units | 24 | Year Built | 1912 |
| Property Type | Multifamily | Parking Ratio | 0.83/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | PD30, Long Beach | ||
| Price | $4,800,000 |
| Price Per Unit | $200,000 |
| Sale Type | Investment |
| Cap Rate | 6.42% |
| Gross Rent Multiplier | 5.65 |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 12,061 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1912 |
| Parking Ratio | 0.83/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | PD30, Long Beach |
Amenities
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 18 | - | 430 - 475 |
| 1+1 | 6 | - | 520 - 900 |
1 1
Exceptionally walkable
90/100
Moderately drivable
70/100
Exceptional public transit
90/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 7281-009-008 | Improvements Assessment | $2,074,862 |
| Land Assessment | $3,837,384 | Total Assessment | $5,912,246 |
Property Taxes
Parcel Number
7281-009-008
Land Assessment
$3,837,384
Improvements Assessment
$2,074,862
Total Assessment
$5,912,246
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Prime East Village Arts District | 319 Elm Ave
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