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755 Gaviota Ave 8 Unit Apartment Building $4,200,004 CAD ($525,000 CAD/Unit) 6.09% Cap Rate Long Beach, CA 90813
Investment Highlights
- 6.1% Cap Rate on Current Rents with Upside
- Built in 1987
- Turnkey Asset w/ High-End Finishes. All Units Fully Renovated
- 100% 2-Bedroom/2-Bathroom Units
- Each Unit has Seperate APNs - Not Subject to Statewide or Local Rent Control
- Washer & Dryer in Every Unit
Executive Summary
Morgan Skenderian, Inc., is pleased to present this well-maintained 8-unit multifamily property in Long Beach. Built in 1987, the property features exclusively two-bedroom, two-bathroom units, offering a highly desirable and functional layout for tenants. All eight units have been extensively renovated with brand-new flooring, updated countertops, and modern stainless steel kitchen appliances, including a refrigerator, stove/oven, and dishwasher. Each unit also includes in unit washers and dryers, private balconies, and ceiling fans, enhancing overall tenant comfort and convenience.
The property is uniquely configured with separate APNs for each unit, providing a future buyer with flexibility and potential exit strategies. Additionally, the asset is not subject to statewide or local rent control, allowing for unrestricted rent growth. Current ownership has implemented a RUBS program, generating additional income. On-site amenities include a secured parking garage and controlled access, further contributing to tenant appeal and overall property security.
The property is uniquely configured with separate APNs for each unit, providing a future buyer with flexibility and potential exit strategies. Additionally, the asset is not subject to statewide or local rent control, allowing for unrestricted rent growth. Current ownership has implemented a RUBS program, generating additional income. On-site amenities include a secured parking garage and controlled access, further contributing to tenant appeal and overall property security.
Financial Summary (Actual - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$352,031
|
$56.51
|
| Other Income |
$10,217
|
$1.64
|
| Vacancy Loss |
$10,866
|
$1.74
|
| Effective Gross Income |
$351,382
|
$56.40
|
| Taxes |
$56,326
|
$9.04
|
| Operating Expenses |
$39,396
|
$6.32
|
| Total Expenses |
$95,722
|
$15.36
|
| Net Operating Income |
$255,661
|
$41.04
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $352,031 |
| Annual Per SF | $56.51 |
| Other Income (CAD) | |
|---|---|
| Annual | $10,217 |
| Annual Per SF | $1.64 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $10,866 |
| Annual Per SF | $1.74 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $351,382 |
| Annual Per SF | $56.40 |
| Taxes (CAD) | |
|---|---|
| Annual | $56,326 |
| Annual Per SF | $9.04 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $39,396 |
| Annual Per SF | $6.32 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $95,722 |
| Annual Per SF | $15.36 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $255,661 |
| Annual Per SF | $41.04 |
Property Facts
| Price | $4,200,004 CAD | Building Class | C |
| Price Per Unit | $525,000 CAD | Lot Size | 0.15 AC |
| Sale Type | Investment | Building Size | 6,640 SF |
| Cap Rate | 6.09% | Average Occupancy | 100% |
| Gross Rent Multiplier | 11.59 | No. Stories | 2 |
| No. Units | 8 | Year Built | 1987 |
| Property Type | Multifamily | Parking Ratio | 2.11/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | RR2N, Long Beach | ||
| Price | $4,200,004 CAD |
| Price Per Unit | $525,000 CAD |
| Sale Type | Investment |
| Cap Rate | 6.09% |
| Gross Rent Multiplier | 11.59 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 6,640 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1987 |
| Parking Ratio | 2.11/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RR2N, Long Beach |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Washer/Dryer
- Ceiling Fans
- Refrigerator
- Stainless Steel Appliances
Site Amenities
- Controlled Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 8 | $3,655 CAD | 830 |
1 1
Moderately walkable
70/100
Moderately drivable
70/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Numbers | Total Assessment | $4,414,531 CAD | |
| Land Assessment | $1,765,813 CAD | Annual Taxes | $56,326 CAD ($8.48 CAD/SF) |
| Improvements Assessment | $2,648,719 CAD | Tax Year | 2025 |
Property Taxes
Parcel Numbers
Land Assessment
$1,765,813 CAD
Improvements Assessment
$2,648,719 CAD
Total Assessment
$4,414,531 CAD
Annual Taxes
$56,326 CAD ($8.48 CAD/SF)
Tax Year
2025
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755 Gaviota Ave
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