1048 E 5th Street, Long Beach, CA 90802 (MLS # IV24250595)
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Prime Investment Opportunity: Entitled 11-Unit Development with Existing Cash Flow in Long BeachThis is a rare and highly attractive opportunity to acquire a stabilized 6-unit multifamily property situated on an oversized lot already entitled for an additional 5 units—bringing the total future unit count to 11 units. Upon completion, the project is projected to be valued at over $6,000,000, making this a compelling investment with significant upside potential.Key Highlights:Turnkey Existing Units:5 of 6 units fully renovated with brand-new systems throughout the property, ensuring minimal immediate capital expenditures.Unit Mix (Existing 6 Units):(4) 1 Bed / 1 Bath(1) 2 Bed / 1 Bath(1) 2 Bed / 2 BathEntitled 5 Additional Units:Development-ready plans for modern units:(2) 3 Bed / 2 Bath units with grade-level parking(3) 4 Bed / 3 Bath townhome-style units, also with grade-level parkingFinancial Performance:Stabilized Gross Income: Projected to generate nearly $37,000 per month upon full build-out.Strong Cap Rate: Stabilized at a 6.75% Cap Rate on cost.Attractive GRM: Achieves a 10.74 GRM on cost, underscoring strong investment fundamentals.Significant Profitability:Projected end value exceeds $6,000,000, providing exceptional upside in one of Long Beach’s hottest rental markets.Conservatively underwritten profits of $1.2M+ make this an ideal low-risk, high-reward investment.Strategic Investment Benefits:Immediate Cash Flow:Benefit from consistent cash flow during the development process with income from the stabilized 6 existing units.Low-Risk Development Play:Existing units offset holding costs, while entitled plans minimize entitlement risk.High-Demand Location:Situated in Long Beach, a thriving rental market with strong tenant demand and long-term appreciation potential.This property offers the best of both worlds: stable cash flow today and exceptional upside tomorrow. With a clear path to development and substantial projected returns, this is an opportunity that investors and developers alike will not want to miss.
| DAYS ON MARKET | 6 | LAST UPDATED | 12/16/2024 |
|---|---|---|---|
| TRACT | Alamitos Beach (AB) | YEAR BUILT | 1915 |
| COMMUNITY | Downtown Area, Alamitos Beach | GARAGE SPACES | 5.0 |
| COUNTY | Los Angeles | STATUS | Active |
| PROPERTY TYPE(S) | Residential Income |
| ADDITIONAL DETAILS | |
| AREA | Downtown Area, Alamitos Beach |
|---|---|
| GARAGE | Yes |
| HOA DUES | 0 |
| LOT | 0.34 acre(s) |
| POOL DESCRIPTION | None |
| SEWER | Public Sewer |
| STORIES | 2 |
| SUBDIVISION | Alamitos Beach (AB) |
| WATER | Public |
| ZONING | LBR3S |
TOTAL MONTHLY PAYMENT
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