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1059 Gladys Avenue presents the opportunity to acquire a 12-unit multifamily property in popular Eastside Long Beach. The property offers all 1BD/1BA units (two are renovated) with on-site laundry facilities. Electricity is separately metered, while gas is master-metered with one water heater. The assumable financing is particularly compelling: approximately $1.451 million at a fixed 3.57% interest rate, representing roughly 63% LTV and fully amortizing over the remaining loan term. Annual debt service is ~$78,870. In the current interest-rate environment, this low cost of debt is a significant investment advantage. At the $2.295 million asking price, the property produces approximately $126,809 in current NOI, equating to a 5.53% current cap rate. Because the going-in cap rate is substantially higher than the 3.57% mortgage rate, investors benefit from meaningful positive leverage. After debt service, the property is projected to generate approximately $47,939 in annual pre-tax cash flow, providing a 5.68% current cash-on-cash return on the approximately $844,000 down payment. Eastside Long Beach is a well-established and highly desirable rental neighborhood, offering residents a compelling combination of walkability, affordability and proximity to the city's coastal lifestyle and major employment centers. The property benefits from a Walk Score of 93 ("Walker's Paradise"), with numerous shopping, dining and everyday conveniences within a short walk. The neighborhood also provides convenient access to Downtown Long Beach, Belmont Heights, Recreation Park, Colorado Lagoon and the beach, while California State University, Long Beach and Long Beach City College are both within approximately three miles.
Property Type(s):
Residential Income
| Last Updated | 9/14/2026 | Tract | Eastside (ES) |
|---|---|---|---|
| Year Built | 1923 | Community | 3 - Eastside, Circle Area |
| County | Los Angeles |
Additional Details
| AREA | 3 - Eastside, Circle Area |
|---|---|
| LOT | 6504 sq ft |
| LOT DIMENSIONS | 6502 |
| POOL DESCRIPTION | None |
| SEWER | Public Sewer |
| STORIES | 2 |
| SUBDIVISION | Eastside (ES) |
| WATER | Public |
Location
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Listed with Keller Williams Realty Downey
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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