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$ 3,800,000
Est. payment | /mo
10 Beds
8 Baths
4,275 SqFt
$ 3,800,000
Est. payment | /mo
10 Beds
8 Baths
4,275 SqFt
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 4,275 sqft
Price per Sqft $888
MLS Listing ID 26643731
Bedrooms 10
HOA Y/N No
Year Built 1962
Lot Size 5,257 Sqft
Property Description
16 38th Pl | 7-Unit Multifamily in Coastal Long Beach. Built in 1962, the property totals 5,473 SF and presents a rare opportunity to acquire a seven-unit asset delivered 100% vacant, allowing a new owner to immediately execute a full lease-up strategy and establish a clean market-based rent roll from day one. The offering features a desirable unit mix of (4) one-bedroom / one-bath units and (3) two-bedroom / one-bath units, supported by 10 on-site parking spaces that create additional ancillary income potential. Underwritten market rents average approximately $3,536 per unit, supporting a projected stabilized NOI of roughly $209K annually. Offered at $3,800,000 ($542,857/unit | $694.32/SF) with a 5.51% cap rate and 12.79 GRM, the asset provides investors a clear path to stabilization and long-term value creation in a highly desirable coastal Long Beach rental corridor.
Location
State CA
County Los Angeles
Area 1 - Belmont Shore/Park, Naples, Marina Pac, Bay Hrbr
Zoning LBR4R
Interior
Heating None
Cooling None
Fireplace No
Exterior
Parking Features Assigned, Controlled Entrance
Total Parking Spaces 10
Building
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 7256001023
Special Listing Condition Standard
Listed by Taylor Avakian Lyon Stahl Investment Real Estate, Inc. #02060040
NEARBY SCHOOL & BUSINESS
22502 Avenida Empresa, Rancho Santa Margarita, California, 92688, USA
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