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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.
Property Type(s):
Residential Income
| Last Updated | 12/16/2024 | Tract | Alamitos Beach (AB) |
|---|---|---|---|
| Year Built | 1915 | Community | Downtown Area, Alamitos Beach |
| Garage Spaces | 5.0 | County | Los Angeles |
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 |
Location
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Listed with EXP REALTY OF CALIFORNIA INC
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.
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