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Attractive multifamily investment opportunity featuring a well-maintained asset with a stable base of long-term tenants and a favorable unit mix. The property is strategically located near downtown Long Beach, offering immediate access to the 710 Freeway, public transportation, and is approximately 1.3 miles from the coastline. The ownership has completed multiple capital improvements, including a partially replaced roof (approximately two years old), copper plumbing, updated electrical systems, and new water heaters. Select units at 1642 Locust (Units B, C, and D) have gas and electricity expenses paid by the owner. The property currently produces approximately $167,000 in annual gross income with clear upside potential. Rents have not been increased within the past year, allowing a new owner to implement a rent increase of up to 8.9%, in accordance with current Long Beach rent control regulations. The property is offered as-is. Buyers and buyers' agents are responsible for conducting their own due diligence regarding physical condition, financials, and legal compliance. Seller intends to complete a 1031 exchange at no cost to the buyer.
Property Type(s):
Residential Income
| Last Updated | 1/24/2026 | Tract | North Long Beach (NLB) |
|---|---|---|---|
| Year Built | 1924 | Community | 7 - North Long Beach |
| County | Los Angeles |
Additional Details
| AREA | 7 - North Long Beach |
|---|---|
| HEAT | Natural Gas |
| LOT | 7423 sq ft |
| LOT DIMENSIONS | 7423 |
| PARKING | None |
| POOL DESCRIPTION | None |
| SEWER | Public Sewer |
| STORIES | 2 |
| SUBDIVISION | North Long Beach (NLB) |
| UTILITIES | Electricity Connected, Natural Gas Connected, Sewer Connected |
| VIEW DESCRIPTION | None |
| WATER | Public |
Location
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Listed with Excellence Premier Real Estate
The information being provided by Conejo Simi Moorpark Association of REALTORS® (“CSMAR”) is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (“IDX”) program of CSMAR. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. Any information relating to a property, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CSMAR and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
This IDX solution is (c) Diverse Solutions 2026.
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