939 Pacific Ave 13 Unit Apartment Building $2,875,000 ($221,154/Unit) 6.01% Cap Rate Long Beach, CA 90813

We are pleased to present 939 Pacific Avenue, a fully renovated thirteen-unit apartment complex located just outside the historic Drake Park/Willmore City neighborhood in Downtown Long Beach. Situated less than a block from the K-9 Corner Dog Park and a short bike ride to The Promenade and City Place Shopping Center, this property benefits from the continued revitalization of the Downtown Long Beach corridor. Tenants enjoy walkable access to retail, dining, entertainment, and major employment centers, along with excellent transit connectivity and a Walk Score of 93.
The property consists of thirteen (13) spacious 1-bedroom/1-bathroom units, each averaging approximately 600 square feet. All units were fully remodeled in 2018–2019 with high-end finishes including quartz countertops, real wood shaker cabinetry, recessed lighting, stainless steel appliances, ceramic tile in wet areas, and new flooring. Exterior improvements during the same period included new dual-pane vinyl windows, fencing and gates, drought-tolerant landscaping, garage doors with openers, upgraded lighting, and a permitted outdoor BBQ area. In 2023, all HVAC units were replaced or repaired as needed and the main electrical panel was upgraded — demonstrating pride of ownership and a commitment to ongoing maintenance.
Additional features include a coin-operated laundry room that generates supplemental income and a storage room that is currently unused, offering potential for added income or repurposing. The property also includes six (6) on-site garages, one of which is currently vacant and may be rented for additional income or potentially converted to ADUs (buyer to verify). One unit is currently vacant, offering immediate upside through lease-up at market rent. Priced at a 6.01% cap rate, 939 Pacific Avenue offers investors a well-maintained, turn-key asset in one of Long Beach’s most supply-constrained and appreciating coastal submarkets.