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Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 4,877 sqft
Price per Sqft $328
Subdivision Wrigley Area
MLS Listing ID PW-26122313
Year Built 1956
Lot Size 7,502 Sqft
Property Sub-Type Apartment
Source California Regional Multiple Listing Service (CRMLS)
Property Description
Exceptional opportunity to acquire a well-maintained 7-unit apartment property located in Long Beach's desirable South Wrigley neighborhood. Situated on a 7,500 square foot lot with approximately 4,919 square feet of improvements, this income-producing asset offers strong in-place cash flow, recent capital improvements, and immediate upside potential.
The property consists of two upstairs 1-bedroom/1-bath units, four downstairs 1-bedroom/1-bath units, and one spacious downstairs 2-bedroom/1-bath unit. One upstairs unit is currently vacant and has been updated with new luxury vinyl plank flooring and refreshed interior finishes, providing immediate rental upside for a new owner. Seller believes a second unit may also be delivered vacant at closing, creating additional flexibility for lease-up or renovation strategies.
Several units are currently being utilized with additional rooms beyond their original layouts. Four of the downstairs 1-bedroom units are being used as 2-bedroom units, while the larger downstairs unit is currently utilized as a 3-bedroom unit.
Ownership has completed numerous capital improvements, including electrical service upgrades in 2025, copper repiping of the upstairs units, replacement of gas lines, installation of a copper main water supply line, and ongoing roof maintenance. Each unit is individually metered for gas and electricity, helping reduce owner-paid utility expenses and improve operating efficiency.
The property currently generates approximately $13,075 per month in gross rental income and is offered at an attractive 6.4% cap rate and 10.20 gross rent multiplier (GRM) based on current operations. Investors may benefit from favorable financing options, with the property potentially qualifying for financing with approximately 25% down.
Additional amenities include four garages, on-site parking, and a desirable courtyard-style layout that enhances tenant appeal. Conveniently located near Pacific Coast Highway, Downtown Long Beach, public transportation, shopping, dining, and major employment centers, this property is well-positioned to benefit from continued rental demand and long-term appreciation.
This is a rare opportunity to acquire a stabilized multifamily investment offering strong current returns, recent capital improvements, vacancy upside, and significant long-term growth potential.
Location
State CA
County Los Angeles
Area 5 - Wrigley Area
Interior
Heating Floor Furnace
Fireplaces Type None
Laundry Common Area, Dryer Included, Washer Included
Exterior
Garage Spaces 4.0
Pool None
Community Features Curbs
Utilities Available Sewer Connected, Water Connected, Electricity Connected, Natural Gas Connected
View Y/N No
View None
Building
Lot Description 0-1 Unit/Acre
Sewer Public Sewer
Nearby Locations
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John R Thompson
Broker/Owner | License ID: 01200900
Broker/Owner License ID: 01200900