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5901 E Ocean Blvd 16 Unit Apartment Building $6,100,000 ($381,250/Unit) 4.60% Cap Rate Long Beach, CA 90803
Investment Highlights
- True Pride of Ownership Legacy Asset: Built in 1923 & 1948
- Amenities That All Tenants Value: Synergized Outdoor Space, Private Laundry Room, and Private Parking
- Ability to Add Two Additional ADU Units to Increase Value for a New Investor
- Two Contiguous Parcels on Three Lots Operating as One Property (11 Units and 4+1 Units), Providing Flexible Entry and Exit Strategies
- Located in Close Proximity to 2nd & PCH, Belmont Shore, and Seal Beach Main Street
Executive Summary
Marcus & Millichap is pleased to present a 16-unit multifamily property located on the Peninsula in Long Beach, CA 90803. Built in 1923 & 1948, the subject property
consists of 6,748 rentable square feet spread throughout a 7,119 square foot lot. The building consists of six 1-bedroom / 1 bathroom units, one 1-bedroom / 1-bathroom
unit, three loft studios, five studios, and one bachelor unit. It contains six garages providing essential parking and flexible future income / ADU opportunities.
The city of Long Beach continues to progress forward and is currently experiencing major redevelopment. There has been over $2B invested in real estate transactions
and new development projects since 2013. There are 3,997 residential units in the development pipeline. Notable completed projects near the subject property include
the Shoreline Gateway at 777 E. Ocean Blvd. which is 35 stories high with 315 residential units and 6,700 sq. ft. of restaurant and retail space, the Ocean View Tower at
200 W. Ocean Blvd has 142 units with 4,100 sq. ft. of commercial space, and Volta on Pine at 635 Pine Ave. has 271 units with 1,302 sq. ft. of retail and commercial space.
Currently under construction is the renovation at the Breakers Hotel at 210 E. Ocean Blvd, Broadway Block at 330 & 333 E. Broadway which is 432 units and over 17,793
sq. ft. of retail space, Aster at 250 E. Broadway with 218 units and 7,300 sq. ft. of commercial space, as well as the Broadstone Promenade which is 189 units with ground
floor retail space as well. The Long Beach port has been undergoing $4.4 billion in redevelopment that will create 14,000 new and permanent jobs in Southern
California.
Long Beach sustains its ability to attract renters due to its strong economy and quality of life. This is an excellent opportunity to acquire a quality asset in a high demand
rental market with strong in place income in one of the best neighborhoods of Long Beach
consists of 6,748 rentable square feet spread throughout a 7,119 square foot lot. The building consists of six 1-bedroom / 1 bathroom units, one 1-bedroom / 1-bathroom
unit, three loft studios, five studios, and one bachelor unit. It contains six garages providing essential parking and flexible future income / ADU opportunities.
The city of Long Beach continues to progress forward and is currently experiencing major redevelopment. There has been over $2B invested in real estate transactions
and new development projects since 2013. There are 3,997 residential units in the development pipeline. Notable completed projects near the subject property include
the Shoreline Gateway at 777 E. Ocean Blvd. which is 35 stories high with 315 residential units and 6,700 sq. ft. of restaurant and retail space, the Ocean View Tower at
200 W. Ocean Blvd has 142 units with 4,100 sq. ft. of commercial space, and Volta on Pine at 635 Pine Ave. has 271 units with 1,302 sq. ft. of retail and commercial space.
Currently under construction is the renovation at the Breakers Hotel at 210 E. Ocean Blvd, Broadway Block at 330 & 333 E. Broadway which is 432 units and over 17,793
sq. ft. of retail space, Aster at 250 E. Broadway with 218 units and 7,300 sq. ft. of commercial space, as well as the Broadstone Promenade which is 189 units with ground
floor retail space as well. The Long Beach port has been undergoing $4.4 billion in redevelopment that will create 14,000 new and permanent jobs in Southern
California.
Long Beach sustains its ability to attract renters due to its strong economy and quality of life. This is an excellent opportunity to acquire a quality asset in a high demand
rental market with strong in place income in one of the best neighborhoods of Long Beach
Property Facts
| Price | $6,100,000 | Apartment Style | Low-Rise |
| Price Per Unit | $381,250 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.10 AC |
| Cap Rate | 4.60% | Building Size | 6,697 SF |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1948 |
| Property Subtype | Apartment | Parking Ratio | 0.25/1,000 SF |
| Zoning | RR2I, Long Beach - Residential | ||
| Price | $6,100,000 |
| Price Per Unit | $381,250 |
| Sale Type | Investment |
| Cap Rate | 4.60% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.10 AC |
| Building Size | 6,697 SF |
| No. Stories | 2 |
| Year Built | 1948 |
| Parking Ratio | 0.25/1,000 SF |
| Zoning | RR2I, Long Beach - Residential |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Public Transportation
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 16 | - | - |
1 1
Property Taxes
| Parcel Number | 7245-019-030 | Improvements Assessment | $338,124 |
| Land Assessment | $791,541 | Total Assessment | $1,129,665 |
Property Taxes
Parcel Number
7245-019-030
Land Assessment
$791,541
Improvements Assessment
$338,124
Total Assessment
$1,129,665
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5901 E Ocean Blvd
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