477 E South St
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477 E South St
16 Unit Apartment Building $4,100,000 ($256,250/Unit) 5.42% Cap Rate Long Beach, CA 90805
Executive Summary
Invest in north Long Beach and own this updated 16-unit apartment community. Composed of a desirable unit mix of all 2-bed, 1-bath units across two buildings with a courtyard in between, this property boasts a scheduled CAP rate of 5.42% at 100% occupancy, and significant rent upside. Two units are vacant and ready for market-rent tenants, and all existing tenants are on month-to-month leases. Five of the 16 units are newly renovated (2024) with updated plumbing, paint, flooring and kitchen finishes. Two of these five units also feature upgraded bathrooms and lighting throughout. More 2024 building updates include all new electrical panels (main and subs), and new water lines to 8 of the 16 units. A community laundry room provides additional income. This apartment building is located near Atlantic Avenue restaurants and shops, the new KB Homes mixed used development Rhythm (under construction), and easy access to the 91, 710 and 405 freeways.
For more information, execute this NDA https://www.jotform.com/sign/243155061138046/invite/01jce5asjq6f0d8b9b98ab2244.
For more information, execute this NDA https://www.jotform.com/sign/243155061138046/invite/01jce5asjq6f0d8b9b98ab2244.
Property Facts
| Price | $4,100,000 | Building Class | C |
| Price Per Unit | $256,250 | Lot Size | 0.23 AC |
| Sale Type | Investment | Building Size | 9,840 SF |
| Cap Rate | 5.42% | Average Occupancy | 100% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1961 |
| Property Subtype | Apartment | Parking Ratio | 1.22/1,000 SF |
| Apartment Style | Low Rise |
| Price | $4,100,000 |
| Price Per Unit | $256,250 |
| Sale Type | Investment |
| Cap Rate | 5.42% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 9,840 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1961 |
| Parking Ratio | 1.22/1,000 SF |
Site Amenities
- 24 Hour Access
- Courtyard
- Laundry Facilities
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 16 | - | 576 - 627 |
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Walk Score ®
Very Walkable (79)
PROPERTY TAXES
| Parcel Number | 7125-032-033 | Improvements Assessment | $3,000,000 |
| Land Assessment | $597,000 | Total Assessment | $3,597,000 |
PROPERTY TAXES
Parcel Number
7125-032-033
Land Assessment
$597,000
Improvements Assessment
$3,000,000
Total Assessment
$3,597,000
zoning
| Zoning Code | LBCMR |
| LBCMR |
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Stephanie Gilezan -
Sam Griffin -
Gilezan Global Brokered by eXp Commercial
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477 E South St
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