1001 E 5th St 5, Long Beach, CA 90802

Property Description

OVER 8.2 Cap! According to the Los Angeles Times, Long Beach is set to host seven Olympic events in 2028 when the Summer Games come to Los Angeles. This stunning five-unit income property in Long Beach combines Spanish Colonial Coastal Hacienda charm with the energy of downtown Long Beach, making it an excellent investment opportunity. Located in a prime location near all the exciting downtown development projects, the property boasts desirable outdoor common space, making it an attractive option for tenants seeking a beach city lifestyle with a mix of metropolitan amenities. The property is fully gated, providing both front and rear access and direct garage access to a secure area, making it a rare find. The landlord can maximize rents by including electricity in the cost, thanks to the solar panels installed on the property. The units have been completely remodeled and rewired, with new plumbing and windows installed throughout. All kitchens and bathrooms have been completely renovated, and each unit features AC with permits. The property also has four garages, offering ample parking space. The location is perfect for those looking to enjoy the best of Long Beach's outdoor activities and events, including the Acura Grand Prix of Long Beach, X Games, World Surf League's pro Longboard Tour, as well as music festivals and outdoor concerts. In preparation for the 2028 Olympics, Long Beach is building a new aquatic center on the beach called the Belmont Beach and Aquatic Center. This new facility will serve as a focal point for the Long Beach aquatic competition community and will feature two 50-meter competition pools, recreational and teaching pools, therapeutic whirlpools, diving platforms, springboards, and deep water wells. The outdoor areas will include a park, walk-up restaurant, and landscaped plazas that make the most of Southern California's sunny weather and beach setting.