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1883 Pine Ave 8 Unit Apartment Building $2,924,452 CAD ($365,557 CAD/Unit) 6.20% Cap Rate Long Beach, CA 90806
INVESTMENT HIGHLIGHTS
- 2 Brand New ADUs and all units updated.
- Garages were converted
EXECUTIVE SUMMARY
South Wrigley 8-Unit Turnkey Multifamily Property Built in 1979 with two new ADUs added in 2025, this stabilized, meticulously maintained 8-unit property in the desirable South Wrigley neighborhood offers a rare investment opportunity. The building features (4) updated 2-bedroom units (2) updated 1-bedroom units and (2) modern 2-bedroom ADUs, all in excellent condition. The main building’s units have been fully renovated with new cabinetry, countertops, ceramic tile and laminate flooring, appliances, electrical, plumbing, finish carpentry, hardware, interior/exterior doors, windows, and fresh paint inside and out. The 2025-built all-electric, separately metered ADUs include in-unit laundry and dedicated split-unit air conditioners for added tenant comfort. Six rear garages were converted into the ADUs, with (4) parking spaces retained behind the building. The property also boasts a 2024-installed roof, upgraded block wall/fencing, and a new parking gate, all completed with permits. The main building units are also separately metered for gas and electricity. Priced attractively at a sub-10.5X GRM and a 6.2% cap rate, this turnkey property is located on a charming, tree-lined residential street with head-in parking. It’s less than a mile from the 710 Freeway, under 2 miles from the 405, and just 2 miles north of the beach, offering unmatched convenience and appeal.
FINANCIAL SUMMARY (ACTUAL - 2025) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$274,466
|
$58.82
|
| Other Income |
$5,025
|
$1.08
|
| Vacancy Loss |
$13,723
|
$2.94
|
| Effective Gross Income |
$265,768
|
$56.96
|
| Taxes |
$36,556
|
$7.83
|
| Operating Expenses |
$47,506
|
$10.18
|
| Total Expenses |
$84,062
|
$18.02
|
| Net Operating Income |
$181,706
|
$38.94
|
FINANCIAL SUMMARY (ACTUAL - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $274,466 |
| Annual Per SF | $58.82 |
| Other Income (CAD) | |
|---|---|
| Annual | $5,025 |
| Annual Per SF | $1.08 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $13,723 |
| Annual Per SF | $2.94 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $265,768 |
| Annual Per SF | $56.96 |
| Taxes (CAD) | |
|---|---|
| Annual | $36,556 |
| Annual Per SF | $7.83 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $47,506 |
| Annual Per SF | $10.18 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $84,062 |
| Annual Per SF | $18.02 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $181,706 |
| Annual Per SF | $38.94 |
PROPERTY FACTS
| Price | $2,924,452 CAD | Building Class | C |
| Price Per Unit | $365,557 CAD | Lot Size | 0.15 AC |
| Sale Type | Investment | Building Size | 4,666 SF |
| Cap Rate | 6.20% | Average Occupancy | 100% |
| Gross Rent Multiplier | 10.46 | No. Stories | 1 |
| No. Units | 8 | Year Built/Renovated | 1979/2025 |
| Property Type | Multifamily | Parking Ratio | 0.86/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | R4R - restricted Density Multiple Dwelling | ||
| Price | $2,924,452 CAD |
| Price Per Unit | $365,557 CAD |
| Sale Type | Investment |
| Cap Rate | 6.20% |
| Gross Rent Multiplier | 10.46 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 4,666 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1979/2025 |
| Parking Ratio | 0.86/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R4R - restricted Density Multiple Dwelling |
AMENITIES
SITE AMENITIES
- Fenced Lot
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 6 | $2,977 CAD | - |
| 1+1 | 2 | $2,506 CAD | - |
1 1
Walk Score®
Very Walkable (86)
Bike Score®
Very Bikeable (77)
PROPERTY TAXES
| Parcel Number | 7209-021-002 | Total Assessment | $1,940,868 CAD |
| Land Assessment | $790,724 CAD | Annual Taxes | $36,556 CAD ($7.83 CAD/SF) |
| Improvements Assessment | $1,150,144 CAD | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
7209-021-002
Land Assessment
$790,724 CAD
Improvements Assessment
$1,150,144 CAD
Total Assessment
$1,940,868 CAD
Annual Taxes
$36,556 CAD ($7.83 CAD/SF)
Tax Year
2025
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1883 Pine Ave
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