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5529 Dairy Ave is a rare opportunity to own a turnkey 10-unit, non-rent-controlled apartment building in North Long Beach that produces strong cash flow from day one. Offered at $3,350,000, the property delivers an approximately 7% cap rate on current scheduled rents. The building was taken down to the framing in 2022 under permit and extensively rebuilt with a new roof, new electrical and plumbing systems, new HVAC, new windows, and an individual water heater for every unit. Interiors feature new cabinetry, flooring, recessed lighting, updated bathrooms, and stainless steel appliances, complemented by drought-tolerant landscaping. The unit mix consists of five 1 bed / 1 bath units and five 2 bed / 1 bath units, including three newly built ADUs. Gas and electricity are separately metered and paid directly by the tenants. Five of the ten units are master leased to a single organization, providing one rent payment each month and reduced property management demands. With every major building system substantially new, near-term capital expenditure requirements are minimal. As a non-LA-City rent-controlled asset, the property also allows significant 8.7% annual rent increases (5% + CPI) for future upside. The property is located roughly five miles from Douglas Park and the Long Beach Airport aerospace corridor, where Anduril, Rocket Lab, Relativity, and other major employers continue to expand, and offers convenient access to the 710, 91, and 405 freeways. A coastal-city rental market without coastal-city pricing.
Property Type(s):
Residential Income
| Last Updated | 10/6/2026 | Tract | North Long Beach (NLB) |
|---|---|---|---|
| Year Built | 1964 | Community | 7 - North Long Beach |
| County | Los Angeles |
Additional Details
| AREA | 7 - North Long Beach |
|---|---|
| HEAT | Wall Furnace |
| LOT | 5432 sq ft |
| LOT DIMENSIONS | 5433 |
| POOL DESCRIPTION | None |
| SEWER | Public Sewer |
| STORIES | 2 |
| SUBDIVISION | North Long Beach (NLB) |
| 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
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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