16 38th Place, Long Beach, CA 90803
- $3,800,000
- 10
- BD
- 8
- BA
- 4,275
- SqFt
- List Price
- $3,800,000
- Price Change
- ▼ $100,000 1772904715
- Status
- ACTIVE
- MLS#
- 26643731
- Year Built
- 1962
- Bedrooms
- 10
- Bathrooms
- 8
- Living Sq. Ft
- 4,275
- Lot Size
- 5,257
- Acres
- 0.12
- Days on Market
- 176
- Property Type
- Multifamily
- Stories
- Multi Level
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.
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Additional Information
- Heat
- None
- Cooling Description
- None
- Attached Structure
- Detached
- Number Of Units Total
- 7
Listing courtesy of Listing Agent: Taylor Avakian (taylor@lyonstahl.com) from Listing Office: Lyon Stahl Investment Real Estate, Inc..
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