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401 E 55th St 6 Unit Apartment Building $1,500,000 ($250,000/Unit) 7.88% Cap Rate Long Beach, CA 90805
INVESTMENT HIGHLIGHTS
- Renovated Property Near Bixby Knolls
- Corner Location
- Possible ADU Conversion of Garages
- Excellent Mix of Large 1 & 2-Bedroom Units
- Professionally-Managed
- 7.88% CAP on Current Rents
EXECUTIVE SUMMARY
The Corner @ 55th offers an investor the opportunity to acquire a pride of ownership, professionally-managed property in an excellent rental market. The property has undergone numerous renovations, and contains an excellent unit mix of large 1 & 2-bedroom units.
The city of Long Beach has become one of the Southland’s strongest rental markets, in part due to its central location and rapidly improving neighborhoods. It’s diverse economy includes shipping, trade, manufacturing, tourism, healthcare and education. It is home to California State University Long Beach and one of the busiest ports in the world with The Port of Long Beach.
The city of Long Beach has become one of the Southland’s strongest rental markets, in part due to its central location and rapidly improving neighborhoods. It’s diverse economy includes shipping, trade, manufacturing, tourism, healthcare and education. It is home to California State University Long Beach and one of the busiest ports in the world with The Port of Long Beach.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$154,464
|
$40.84
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$4,633
|
$1.23
|
| Effective Gross Income |
$149,831
|
$39.62
|
| Taxes |
$20,260
|
$5.36
|
| Operating Expenses |
$11,402
|
$3.01
|
| Total Expenses |
$31,662
|
$8.37
|
| Net Operating Income |
$118,169
|
$31.25
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $154,464 |
| Annual Per SF | $40.84 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $4,633 |
| Annual Per SF | $1.23 |
| Effective Gross Income | |
|---|---|
| Annual | $149,831 |
| Annual Per SF | $39.62 |
| Taxes | |
|---|---|
| Annual | $20,260 |
| Annual Per SF | $5.36 |
| Operating Expenses | |
|---|---|
| Annual | $11,402 |
| Annual Per SF | $3.01 |
| Total Expenses | |
|---|---|
| Annual | $31,662 |
| Annual Per SF | $8.37 |
| Net Operating Income | |
|---|---|
| Annual | $118,169 |
| Annual Per SF | $31.25 |
PROPERTY FACTS
| Price | $1,500,000 | Apartment Style | Garden |
| Price Per Unit | $250,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.10 AC |
| Cap Rate | 7.88% | Building Size | 3,782 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 9.71 | No. Stories | 2 |
| No. Units | 6 | Year Built | 1963 |
| Property Type | Multifamily | Parking Ratio | 1.58/1,000 SF |
| Property Subtype | Apartment |
| Price | $1,500,000 |
| Price Per Unit | $250,000 |
| Sale Type | Investment |
| Cap Rate | 7.88% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 9.71 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.10 AC |
| Building Size | 3,782 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1963 |
| Parking Ratio | 1.58/1,000 SF |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 5 | $2,089 | 600 |
| 2+1 | 1 | $2,400 | 780 |
1 1
Walk Score®
Very Walkable (83)
PROPERTY TAXES
| Parcel Number | 7127-024-019 | Total Assessment | $673,133 (2025) |
| Land Assessment | $232,114 (2025) | Annual Taxes | $20,260 ($5.36/SF) |
| Improvements Assessment | $441,019 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
7127-024-019
Land Assessment
$232,114 (2025)
Improvements Assessment
$441,019 (2025)
Total Assessment
$673,133 (2025)
Annual Taxes
$20,260 ($5.36/SF)
Tax Year
2024
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401 E 55th St
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