List Price: $2.3M

Listing Status: Active

Days on Market: 0

0 Bedrooms · 0 Bathrooms

Property Type: ResidentialIncome

Year Built: 1962

Lot Size: 6,735 sq ft

Garage Spaces: 3

Private Pool: Yes

MLS Number: SB26144665

About This Property

1950 Pacific Ave presents a rare VALUE ADD Opportunity to acquire an 11-unit multifamily asset in Long Beach with strong in-place cash flow and two newly constructed ADUs already completed. The property features a desirable unit mix consisting of 1-bedroom and 2-bedroom units, including the two new ADUs, giving investors a clean combination of existing income, newer added rental units, and continued upside in rents. Built in 1962, the property totals approximately 6,733 square feet of building area on an approximately 8,591 square foot lot. Current scheduled rents total approximately $19,559 per month, or $234,712 annually, with market rents projected at approximately $21,940 per month before additional garage income, bringing total annualized market income to approximately $270,480. At the asking price of $2,300,000, the property is priced at approximately $209K per unit and $267 per net rentable square foot. The asset currently operates at a 9.80 GRM and 7.03% cap rate, with the ability to move toward an 8.50 GRM and 8.54% cap rate at market rents. The offering provides investors with strong current income, two newly built ADUs, and a clear path for additional rent growth in a central Long Beach location. With multiple units still below market and the ADU income already in place, 1950 Pacific Ave offers a compelling value-add opportunity with both immediate cash flow and long-term upside.

Listing provided by: Cameron Samimi DRE #02035763 310-425-9838 cameron@lyonstahl.com, Lyon Stahl Investment Real Estate, Inc.