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Cheapest full sized 5 unit in the whole city at only $279/square foot. 100% 2 bedroom units: three with 2 baths, two with 1 bath. Average unit size of over 850 square feet. Skip the smaller properties and go straight to commercial positive leverage with rates in the high 5%'s and a 6.2% cap rate on actual rents. Very strong in-place income at 9.8X GRM on actuals with 13% upside to 8.7X GRM and a market cap rate of 7.4%. Electrical main panels and sub-panels replaced in 2000. 3 out of 5 units remodeled and leased in the last 2 years. 5 garages in rear for 1:1 parking ratio. Convenient location in the Washington neighborhood 1 block from Washington Middle School, currently undergoing a massive $176M reconstruction project. Excellent transit access only a few blocks to the metro blue line rail station, PCH, and the 710 freeway. Just 7 blocks North of Downtown Long Beach, with ongoing new developments of over $8 billion. Over 60% of households within 5 miles are renters with an average household income of over $94,000 (CoStar).
Property Type(s):
Residential Income
| Last Updated | 10/6/2025 | Tract | Downtown (DT) |
|---|---|---|---|
| Year Built | 1925 | Community | 4 - Downtown Area, Alamitos Beach |
| Garage Spaces | 5.0 | County | Los Angeles |
Additional Details
| AIR | None |
|---|---|
| AREA | 4 - Downtown Area, Alamitos Beach |
| GARAGE | Yes |
| LOT | 4770 sq ft |
| LOT DESCRIPTION | Rectangular Lot |
| PARKING | Garage Faces Rear |
| POOL DESCRIPTION | None |
| SEWER | Public Sewer |
| STORIES | 2 |
| SUBDIVISION | Downtown (DT) |
| UTILITIES | Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected |
| VIEW DESCRIPTION | None |
| WATER | Public |
Location
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Listed with Buckingham Investments, Inc
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