Log In/Sign Up
Your email has been sent.
16 38th Pl 7 Unit Apartment Building $5,288,790 CAD ($755,541 CAD/Unit) 5.55% Cap Rate Long Beach, CA 90803
Investment Highlights
- Prime Location
- Ocean Views
- Belmont Shore
Executive Summary
16 38th Pl is a 7-unit multifamily investment located in a coastal Long Beach rental pocket, delivered 100% vacant and offering immediate lease-up upside with a clear path to stabilized NOI growth. Built in 1962, the 5,473-square-foot building sits on a 5,259-square-foot lot and features a highly functional unit mix of (4) 1-bedroom / 1-bath units and (3) 2-bedroom / 1-bath units, supporting broad tenant appeal and efficient operations.The property is subject to rent control; however, full vacant delivery allows a new owner to establish a clean, market-based rent roll from day one, eliminating turnover delays and execution friction. Additional income upside is supported by 10 on-site parking spaces and laundry income, enhancing effective gross income and long-term cash flow durability.Offered at $3,900,000 ($557,143 per unit / $712.59 per square foot), the asset underwrites to a 5.55% cap rate and 12.75 GRM at stabilization, presenting a compelling opportunity to acquire a well-located Long Beach multifamily asset with immediate control, strong income fundamentals, and durable resale appeal.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $5,288,790 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $755,541 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.12 AC |
| Cap Rate | 5.55% | Building Size | 5,473 SF |
| Gross Rent Multiplier | 12.75 | Average Occupancy | 0% |
| No. Units | 7 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1962 |
| Property Subtype | Apartment | Parking Ratio | 1.83/1,000 SF |
| Zoning | LBR4R - Residential | ||
| Price | $5,288,790 CAD |
| Price Per Unit | $755,541 CAD |
| Sale Type | Investment |
| Cap Rate | 5.55% |
| Gross Rent Multiplier | 12.75 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 5,473 SF |
| Average Occupancy | 0% |
| No. Stories | 3 |
| Year Built | 1962 |
| Parking Ratio | 1.83/1,000 SF |
| Zoning | LBR4R - Residential |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Oven
- Range
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Walking/Biking Trails
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $5,085 CAD | 675 - 750 |
| 2+1 | 3 | $5,424 CAD | 950 |
Walk Score®
Very Walkable (81)
Bike Score®
Very Bikeable (75)
Property Taxes
| Parcel Number | 7256-001-023 | Improvements Assessment | $2,710,383 CAD |
| Land Assessment | $1,744,582 CAD | Total Assessment | $4,454,966 CAD |
Property Taxes
Parcel Number
7256-001-023
Land Assessment
$1,744,582 CAD
Improvements Assessment
$2,710,383 CAD
Total Assessment
$4,454,966 CAD
1 of 63
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
Presented by
16 38th Pl
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.
Your message has been sent!
Activate your LoopNet account now to track properties, get real-time alerts, save time on future inquiries, and more.