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944 Pacific Ave 6 Unit Apartment Building $1,850,000 ($308,333/Unit) 5.43% Cap Rate Long Beach, CA 90813
Investment Highlights
- Turnkey Asset Not Subject to Rent Control: Converted from a creative office space in 2020, this six-unit building is not subject to rent control
- Desirable Amenities: In-unit laundry, mini splits, modern finishes, landscaped courtyard with patios, controlled access, and on-site parking with E/V
- Separately Metered for All Utilities: Tenants pay their own electric, gas, and water, keeping owner expenses to a minimum
- Diverse Unit Mix: Four one-bed/one-baths, one two-bed/one-bath, and one two-bed/two-bath
- Rental Upside: Current rents present 15 percent potential upside
- Located in Downtown Long Beach: Conveniently near retail, major employers and attractions, and three blocks to the Metro E Line
Executive Summary
Marcus & Millichap is pleased to present to market 944 Pacific Avenue in Long Beach, California. This offering presents an excellent turnkey acquisition opportunity: converted from a creative office building into an apartments in 2020, this building is not subject to rent control.
944 Pacific Avenue features four one-bed/one-bath units, one two-bed/one-bath, and one two-bed/two-bath unit. Unit interiors boast modern finishes, in-unit laundry, and mini splits to support rental demand. The units are separately metered for all utilities; with tenants paying their own gas, electric, and water, owner expenses are minimized. The building also offers controlled access, a landscaped courtyard with patios, and a large parking lot with an E/V charger. The building’s electrical and plumbing were updated during the building use conversion.
The property is located in Downtown Long Beach, offering easy access to major employers, retail, and attractions. This transit-friendly location is also just three blocks from the Metro E Line and proximate to the 710 Freeway.
944 Pacific Avenue features four one-bed/one-bath units, one two-bed/one-bath, and one two-bed/two-bath unit. Unit interiors boast modern finishes, in-unit laundry, and mini splits to support rental demand. The units are separately metered for all utilities; with tenants paying their own gas, electric, and water, owner expenses are minimized. The building also offers controlled access, a landscaped courtyard with patios, and a large parking lot with an E/V charger. The building’s electrical and plumbing were updated during the building use conversion.
The property is located in Downtown Long Beach, offering easy access to major employers, retail, and attractions. This transit-friendly location is also just three blocks from the Metro E Line and proximate to the 710 Freeway.
Financial Summary (Actual - 2027) 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 |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2027) 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 | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,850,000 | Apartment Style | Low-Rise |
| Price Per Unit | $308,333 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 5.43% | Building Size | 4,583 SF |
| Gross Rent Multiplier | 12.24 | No. Stories | 2 |
| No. Units | 6 | Year Built/Renovated | 1959/2021 |
| Property Type | Multifamily | Parking Ratio | 2.18/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | LBPD30 - Downtown Plan | ||
| Price | $1,850,000 |
| Price Per Unit | $308,333 |
| Sale Type | Investment |
| Cap Rate | 5.43% |
| Gross Rent Multiplier | 12.24 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.16 AC |
| Building Size | 4,583 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1959/2021 |
| Parking Ratio | 2.18/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | LBPD30 - Downtown Plan |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Microwave
- Washer/Dryer
- Ceiling Fans
- Hardwood Floors
- Vaulted Ceiling
- Refrigerator
- Oven
- Sprinkler System
- Walk-In Closets
- Double Pane Windows
Site Amenities
- Courtyard
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | 700 |
| 2+1 | 1 | - | 833 |
| 2+2 | 1 | - | 950 |
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Very walkable
80/100
Moderately drivable
70/100
Good public transit
70/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 7273-014-003 | Total Assessment | $2,484,179 (2026) |
| Land Assessment | $662,447 (2026) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,821,732 (2026) | Tax Year | 2027 |
Property Taxes
Parcel Number
7273-014-003
Land Assessment
$662,447 (2026)
Improvements Assessment
$1,821,732 (2026)
Total Assessment
$2,484,179 (2026)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2027
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944 Pacific Ave