3.57% Assumable Loan/$191, 250 per Unit 1059 Gladys Ave 12 Unit Apartment Building $3,177,565 CAD ($264,797 CAD/Unit) 5.53% Cap Rate Long Beach, CA 90804

1059 Gladys Avenue presents the opportunity to acquire a 12-unit multifamily property in popular Eastside Long Beach. The property offers all 1BD/1BA units (two are renovated) with on-site laundry facilities. Electricity is separately metered, while gas is master-metered with one water heater.
Exceptional 3.57% Freddie Mac Financing
The assumable financing is particularly compelling: approximately $1.451 million at a fixed 3.57% interest rate, representing roughly 63% LTV and fully amortizing over the remaining loan term. Annual debt service is ~$78,870. In the current interest-rate environment, this low cost of debt is a significant investment advantage.
Strong Positive Leverage from Day One
At the $2.295 million asking price, the property produces approximately $126,809 in current NOI, equating to a 5.53% current cap rate. Because the going-in cap rate is substantially higher than the 3.57% mortgage rate, investors benefit from meaningful positive leverage.
Approximately $47,900 in Current Annual Cash Flow
After debt service, the property is projected to generate approximately $47,939 in annual pre-tax cash flow, providing a 5.68% current cash-on-cash return on the approximately $844,000 down payment.
Popular Eastside Long Beach Location
Eastside Long Beach is a well-established and highly desirable rental neighborhood, offering residents a compelling combination of walkability, affordability and proximity to the city’s coastal lifestyle and major employment centers. The property benefits from a Walk Score of 93 (“Walker’s Paradise”), with numerous shopping, dining and everyday conveniences within a short walk. The neighborhood also provides convenient access to Downtown Long Beach, Belmont Heights, Recreation Park, Colorado Lagoon and the beach, while California State University, Long Beach and Long Beach City College are both within approximately three miles.