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405-411 1/2 E Esther St 7 Unit Apartment Building $2,666,587 CAD ($380,941 CAD/Unit) 6.36% Cap Rate Long Beach, CA 90813
Investment Highlights
- Immediate Cash Flow: Fully occupied with a stable tenant base, delivering a 6.36% cap rate on actual operations from day one
- Value-Add Upside: Current rents below market, providing meaningful potential to increase NOI through gradual turnover and strategic interior upgrades
- Attractive Unit Mix: Larger floor plans, including 6-bedroom, 3-bedroom, and 2-bedroom units, support strong demand from families and shared household
Executive Summary
405 E. Esther Street is a well-maintained, cash-flowing seven-unit multifamily asset located in a desirable Long Beach neighborhood with strong rental demand. The property features a highly attractive unit mix comprised of one (1) spacious 6BD/2BA unit, three (3) 3BD/1BA units, two (2) 2BD/1BA units, and one (1) 1BD/1BA unit. The property also has a driveway with three parking spaces. Fully occupied with long-term, reliable residents, the investment offers immediate, durable income for new ownership while still providing the opportunity to capture significant rental upside through natural turnover and strategic renovations. The property presents an ideal blend of in-place stability and value-add potential in one of Southern California’s most consistent and resilient rental markets.
Property Facts
| Price | $2,666,587 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $380,941 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.15 AC |
| Cap Rate | 6.36% | Building Size | 4,252 SF |
| Gross Rent Multiplier | 10.85 | No. Stories | 2 |
| No. Units | 7 | Year Built | 1923 |
| Property Type | Multifamily | Parking Ratio | 4/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | PD29, Long Beach | ||
| Price | $2,666,587 CAD |
| Price Per Unit | $380,941 CAD |
| Sale Type | Investment |
| Cap Rate | 6.36% |
| Gross Rent Multiplier | 10.85 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 4,252 SF |
| No. Stories | 2 |
| Year Built | 1923 |
| Parking Ratio | 4/1,000 SF |
| Zoning | PD29, Long Beach |
Amenities
Unit Amenities
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | - |
| 1+1 | 1 | - | - |
| 2+1 | 1 | - | - |
| 3+1 | 3 | - | - |
| 6+2 | 1 | - | - |
1 1
Moderately walkable
70/100
Very drivable
80/100
Strong public transit
80/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 7269-020-023 | Improvements Assessment | $1,836,798 CAD |
| Land Assessment | $899,655 CAD | Total Assessment | $2,736,453 CAD |
Property Taxes
Parcel Number
7269-020-023
Land Assessment
$899,655 CAD
Improvements Assessment
$1,836,798 CAD
Total Assessment
$2,736,453 CAD
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405-411 1/2 E Esther St
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