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1922 Locust Ave 8 Unit Apartment Building $2,344,181 CAD ($293,023 CAD/Unit) 7.04% Cap Rate Long Beach, CA 90806
INVESTMENT HIGHLIGHTS
- Current 7.04% Cap Rate and 9.81 GRM
- 5 units remodeled; three units are vacant and rent-ready
- Priced at only $212k/Unit
EXECUTIVE SUMMARY
7.32% Cap Rate and a 9.52 GRM, 1922 Locust Ave, is an 8-unit apartment building located in the South Wrigley submarket of Long Beach. Priced at just $212k/unit, this investment offers a compelling mix of immediate cash flow and long-term upside in a rapidly developing market. The property is comprised of (8) 1-Bed/1-Bath units, with five recently remodeled. Three units are currently vacant and rent-ready, offering the perfect opportunity for an owner-user or investor to quickly add value. Situated just outside the booming Downtown Long Beach core, 1922 Locust Ave is primed to benefit from over $6 Billion in local investment, including transformational projects like the Long Beach Civic Center, Queen Mary Island, CSULB Downtown Village, Broadway Block, and the Ocean Aire Development. No local rent control - subject to AB-1482 CA Statewide rent control, which allows 5%+CPI rental increases.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$233,762
|
$49.40
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$7,013
|
$1.48
|
| Effective Gross Income |
$226,748
|
$47.92
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$66,576
|
$14.07
|
| Net Operating Income |
$160,172
|
$33.85
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $233,762 |
| Annual Per SF | $49.40 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $7,013 |
| Annual Per SF | $1.48 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $226,748 |
| Annual Per SF | $47.92 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses (CAD) | |
|---|---|
| Annual | $66,576 |
| Annual Per SF | $14.07 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $160,172 |
| Annual Per SF | $33.85 |
PROPERTY FACTS
| Price | $2,344,181 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $293,023 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 7.04% | Building Size | 4,732 SF |
| Gross Rent Multiplier | 9.52 | No. Stories | 2 |
| No. Units | 8 | Year Built | 1946 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Property Subtype | Apartment | ||
| Zoning | PD29, Long Beach - Planned Development | ||
| Price | $2,344,181 CAD |
| Price Per Unit | $293,023 CAD |
| Sale Type | Investment |
| Cap Rate | 7.04% |
| Gross Rent Multiplier | 9.52 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 4,732 SF |
| No. Stories | 2 |
| Year Built | 1946 |
| Opportunity Zone |
Yes |
| Zoning | PD29, Long Beach - Planned Development |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Kitchen
- Sprinkler System
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Public Transportation
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 8 | - | - |
1 1
Walk Score®
Very Walkable (85)
Bike Score®
Very Bikeable (74)
PROPERTY TAXES
| Parcel Number | 7209-014-024 | Improvements Assessment | $1,127,288 CAD (2025) |
| Land Assessment | $634,099 CAD (2025) | Total Assessment | $1,761,387 CAD (2025) |
PROPERTY TAXES
Parcel Number
7209-014-024
Land Assessment
$634,099 CAD (2025)
Improvements Assessment
$1,127,288 CAD (2025)
Total Assessment
$1,761,387 CAD (2025)
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1922 Locust Ave
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