Pacifica Apartments 430 Pacific Ave 42 Unit Apartment Building $9,455,944 CAD ($225,142 CAD/Unit) 5.54% Cap Rate Long Beach, CA 90802

Pacifica Apartments is one of the largest pre-1950 apartment buildings on the market in Long Beach today. At 42 units, all studios, it offers a scale that is hard to find and at $161K per unit, it is priced well below the cost of anything being built around it. Over 25 units have been renovated with new kitchens, bathrooms, flooring and plumbing. Updates include a new fire alarm system, fire escape ladders, updated balconies, replaced main drains, updated plumbing with individual unit shutoff valves, and a two year old 100 gallon water heater. Brand new apartments surrounding Pacifica are asking $2,000 and above for studios. Pacifica’s tenants are averaging $1,347 today, well below the $1,500 market rate for vintage product in the area, let alone the new construction next door. Renovate units as they turn and push rents to $1,500, or lease as-is and grow income organically at renewal. Either way, stabilize the building and you’re looking at a 6.62% cap rate on today’s purchase price. Units include a refrigerator, gas stove, and gas wall heaters. Select units have hardwood floors and walk in closets, and many carry original 1920s character with higher ceilings and more storage than anything built today. The building is master metered for gas and electric. On site laundry with two washers and two dryers. No on site parking, though nearby lots offer overnight options for residents.