Elm Avenue Apartments 2310 Elm Ave 3 Unit Apartment Building $1,515,041 CAD ($505,014 CAD/Unit) 5.37% Cap Rate Long Beach, CA 90806

Located in the heart of Long Beach near Signal Hill, 2310 Elm Avenue presents a compelling investment opportunity with strong in-place income and multiple value-add pathways. This three-unit multifamily asset includes two single units and one spacious three-bedroom, one-bath unit, all featuring renovated interiors that enhance tenant appeal and reduce near-term capital expenditures. The property benefits from recent upgrades including a new rear roof (2021), staircase replacement, fresh exterior paint, and termite work completed in late 2021.
Positioned on a 5,386 SF lot, the building offers five garages with automatic openers and 3–4 additional surface parking spaces, creating potential for separate garage or storage income. Each unit is separately metered for electricity and gas, with one shared water meter—ideal for implementing a RUBS system to recover utility costs. On-site laundry includes private hookups in the front unit and common hookups for the rear units, with the option to add coin or app-operated machines for additional revenue.
ADU permits have been pursued, offering further upside through expansion. With a current CAP rate of 5.6% and projected market rents yielding a 6.3% CAP, the property is priced competitively at $1,100,000. The neighborhood is anchored by MemorialCare Long Beach Medical Center, Willow Springs Park, and several schools and parks, contributing to strong tenant demand and long-term stability.