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615 Cerritos Ave 8 Unit Apartment Building $2,150,000 ($268,750/Unit) 6.10% Cap Rate Long Beach, CA 90802
INVESTMENT HIGHLIGHTS
- Very well maintained 8 unit with 4 garages for ADU Potential
- Great location in Alamitos Beach, nearby Retro Row and East Village Arts District
- New roof (2019 and resealed 2025), 100 amp main panels and subpanel upgrades in each unit to be completed by August 4th, fresh paint, new gutters
EXECUTIVE SUMMARY
Proximity to Retro Row and the East Village Arts District, this clean 8 unit building features all large 2-bed/1-bath units with excellent layouts and strong tenant appeal. One unit will be delivered vacant and rent-ready, offering immediate income upside or owner-user potential.
Recent upgrades, include a new roof (2019, resealed 2025), 100-amp main panels, and subpanel upgrades in each unit, to be completed by August 4th, fresh exterior paint, new gutters
Additional value-add potential exists with garage ADU conversion possibilities, and two rear storage/laundry rooms currently not in use. With no tuck-under parking, the property avoids seismic retrofit requirements, making it easy to own and low maintenance.
Property sits on a quiet street just steps from Franklin Middle School and the Museum of Latin American Art.
With Long Beach preparing to host several Olympic competitions in 2028, the city is poised for international attention and long-term economic growth. This global spotlight, combined with ongoing infrastructure improvements and civic investment, makes Long Beach an increasingly attractive market for real estate investors.
Recent upgrades, include a new roof (2019, resealed 2025), 100-amp main panels, and subpanel upgrades in each unit, to be completed by August 4th, fresh exterior paint, new gutters
Additional value-add potential exists with garage ADU conversion possibilities, and two rear storage/laundry rooms currently not in use. With no tuck-under parking, the property avoids seismic retrofit requirements, making it easy to own and low maintenance.
Property sits on a quiet street just steps from Franklin Middle School and the Museum of Latin American Art.
With Long Beach preparing to host several Olympic competitions in 2028, the city is poised for international attention and long-term economic growth. This global spotlight, combined with ongoing infrastructure improvements and civic investment, makes Long Beach an increasingly attractive market for real estate investors.
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $2,150,000 | Apartment Style | Low-Rise |
| Price Per Unit | $268,750 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 6.10% | Building Size | 6,144 SF |
| Gross Rent Multiplier | 10.25 | Average Occupancy | 88% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1963/2025 |
| Property Subtype | Apartment | Parking Ratio | 1/1,000 SF |
| Zoning | R3S, Long Beach - Low-Density Multi-Family Residential | ||
| Price | $2,150,000 |
| Price Per Unit | $268,750 |
| Sale Type | Investment |
| Cap Rate | 6.10% |
| Gross Rent Multiplier | 10.25 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 6,144 SF |
| Average Occupancy | 88% |
| No. Stories | 2 |
| Year Built/Renovated | 1963/2025 |
| Parking Ratio | 1/1,000 SF |
| Zoning | R3S, Long Beach - Low-Density Multi-Family Residential |
1 1
Walk Score®
Walker's Paradise (93)
Bike Score®
Biker's Paradise (92)
PROPERTY TAXES
| Parcel Number | 7266-006-024 | Improvements Assessment | $764,128 (2025) |
| Land Assessment | $1,422,285 (2025) | Total Assessment | $2,186,413 (2025) |
PROPERTY TAXES
Parcel Number
7266-006-024
Land Assessment
$1,422,285 (2025)
Improvements Assessment
$764,128 (2025)
Total Assessment
$2,186,413 (2025)
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615 Cerritos Ave
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