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729 Freeman Ave 6 Unit Apartment Building $1,850,000 ($308,333/Unit) 5.51% Cap Rate Long Beach, CA 90804
Investment Highlights
- Prime Coastal Location: Well-maintained 6-unit investment situated in Eastside Long Beach, near Rose Park and the coast.
- Solid Property Specs: Built in 1978, featuring 5,319 net rentable square feet situated on a 0.15-acre parcel.
- Community Amenities: Residents benefit from secure gated access, security doors, and a dedicated on-site laundry facility.
- Desirable Unit Mix: Features (2) 1-bed/1-bath, (3) 2-bed/1-bath, and (1) spacious 3-bed/2-bath units.
- Premium Parking: Includes six secure garage parking spaces, two of which offer the convenience of direct unit access.
- Private Outdoor Spaces: Unit appeal is enhanced with highly sought-after private patios and balconies.
Executive Summary
The Leeson Group of Marcus & Millichap is pleased to present 729 Freeman Avenue, a 6-unit multifamily investment opportunity located in Long Beach, California. Constructed in 1978, the property features approximately 5,319 net rentable square feet situated on a 0.15-acre parcel.
The property features a desirable unit mix of 2 one-bed/one-bath units, 3 two-bed/one-bath units, and 1 three-bed/two-bath unit. Community amenities include gated access, security doors, an on-site laundry facility, and six garage parking spaces, two of which offer direct access. Additionally, unit amenities feature private patios and private balconies.
729 Freeman Avenue offers investors the opportunity to acquire a well-maintained multifamily asset with a strong, diversified unit mix and premium parking accommodations. Situated in the desirable Eastside Long Beach neighborhood near Rose Park, the property boasts an excellent location just a short distance from the coast and Downtown Long Beach. Residents benefit from close proximity to major educational hubs, including California State University, Long Beach (CSULB) and Long Beach City College, as well as convenient access to vibrant local retail, dining, and entertainment options. This strategic, highly walkable location positions 729 Freeman Avenue as a highly attractive asset in a strong coastal rental market.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
The property features a desirable unit mix of 2 one-bed/one-bath units, 3 two-bed/one-bath units, and 1 three-bed/two-bath unit. Community amenities include gated access, security doors, an on-site laundry facility, and six garage parking spaces, two of which offer direct access. Additionally, unit amenities feature private patios and private balconies.
729 Freeman Avenue offers investors the opportunity to acquire a well-maintained multifamily asset with a strong, diversified unit mix and premium parking accommodations. Situated in the desirable Eastside Long Beach neighborhood near Rose Park, the property boasts an excellent location just a short distance from the coast and Downtown Long Beach. Residents benefit from close proximity to major educational hubs, including California State University, Long Beach (CSULB) and Long Beach City College, as well as convenient access to vibrant local retail, dining, and entertainment options. This strategic, highly walkable location positions 729 Freeman Avenue as a highly attractive asset in a strong coastal rental market.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$151,692
|
$28.52
|
| Other Income |
$1,860
|
$0.35
|
| Vacancy Loss |
$4,551
|
$0.86
|
| Effective Gross Income |
$149,001
|
$28.01
|
| Taxes |
$23,478
|
$4.41
|
| Operating Expenses |
$23,641
|
$4.44
|
| Total Expenses |
$47,119
|
$8.86
|
| Net Operating Income |
$101,882
|
$19.15
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $151,692 |
| Annual Per SF | $28.52 |
| Other Income | |
|---|---|
| Annual | $1,860 |
| Annual Per SF | $0.35 |
| Vacancy Loss | |
|---|---|
| Annual | $4,551 |
| Annual Per SF | $0.86 |
| Effective Gross Income | |
|---|---|
| Annual | $149,001 |
| Annual Per SF | $28.01 |
| Taxes | |
|---|---|
| Annual | $23,478 |
| Annual Per SF | $4.41 |
| Operating Expenses | |
|---|---|
| Annual | $23,641 |
| Annual Per SF | $4.44 |
| Total Expenses | |
|---|---|
| Annual | $47,119 |
| Annual Per SF | $8.86 |
| Net Operating Income | |
|---|---|
| Annual | $101,882 |
| Annual Per SF | $19.15 |
Property Facts
| Price | $1,850,000 | Apartment Style | Low-Rise |
| Price Per Unit | $308,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.15 AC |
| Cap Rate | 5.51% | Building Size | 5,319 SF |
| Gross Rent Multiplier | 12.05 | No. Stories | 2 |
| No. Units | 6 | Year Built | 1978 |
| Property Type | Multifamily | Parking Ratio | 1.13/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | RR2N, Long Beach | ||
| Price | $1,850,000 |
| Price Per Unit | $308,333 |
| Sale Type | Investment |
| Cap Rate | 5.51% |
| Gross Rent Multiplier | 12.05 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 5,319 SF |
| No. Stories | 2 |
| Year Built | 1978 |
| Parking Ratio | 1.13/1,000 SF |
| Zoning | RR2N, Long Beach |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Fireplace
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | - | - |
| 2+1 | 3 | - | - |
| 3+2 | 1 | - | - |
1 1
Moderately walkable
70/100
Moderately drivable
60/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 7258-019-010 | Total Assessment | $647,921 (2025) |
| Land Assessment | $271,220 (2025) | Annual Taxes | $23,478 ($4.41/SF) |
| Improvements Assessment | $376,701 (2025) | Tax Year | 2026 Payable 2026 |
Property Taxes
Parcel Number
7258-019-010
Land Assessment
$271,220 (2025)
Improvements Assessment
$376,701 (2025)
Total Assessment
$647,921 (2025)
Annual Taxes
$23,478 ($4.41/SF)
Tax Year
2026 Payable 2026
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