32 Orange Ave 10 Unit Apartment Building $2,395,000 ($239,500/Unit) 5.92% Cap Rate Long Beach, CA 90802

32 Orange Avenue is a 10-unit multifamily asset located in the heart of Alamitos Beach, one of Long Beach’s most sought-after coastal neighborhoods. Just steps from the sand, this property blends 1920s architectural character with extensive modern upgrades, offering investors a rare combination of vintage charm, coastal location, and durable cash flow fundamentals.
The building features a desirable unit mix of six (6) one-bedroom/one-bath units and four (4) studios. Nine of the ten units have been fully renovated, each equipped with in-unit washer/dryers, a highly valued amenity that supports tenant retention and rent resilience. In addition, all major building systems—including the roof, electrical, and plumbing—have been upgraded, significantly reducing near-term capital expenditure risk.
At a 10.86 GRM on current rents, the offering presents an attractive in-place return profile in a supply-constrained coastal market. Further upside is supported by potential ADU conversion via the existing single-car garage and courtyard configuration (buyer to verify), providing a clear path for future value creation. Well-located, thoughtfully renovated, and positioned for both stable income and long-term appreciation, 32 Orange Avenue represents a compelling opportunity to acquire a turnkey asset in one of Southern California’s most enduring rental markets.