City View Villas 956 Locust Ave 15 Unit Apartment Building $5,295,827 CAD ($353,055 CAD/Unit) 6.40% Cap Rate Long Beach, CA 90813

Property Description (SECTION 8)
City View Villas Apartments represents a rare opportunity to acquire a stabilized senior housing asset with government-backed income and assumable below-market financing in the heart of Long Beach. Located at 956 Locust Avenue, Long Beach, California (90813), this three-story, elevator-served community is specifically designed to serve senior residents and is fully occupied by Section 8 senior tenants, providing durable, predictable cash flow with historically low turnover.
The property is comprised entirely of one-bedroom, one-bathroom units, a highly desirable unit mix for senior housing that promotes long-term tenancy and operational efficiency. City View Villas is well-improved with secure tuck-under parking, offering 15 on-site stalls accessed through two controlled garage doors, along with an on-site laundry facility—amenities that are increasingly scarce in comparable infill assets.
Offered at an asking price of $3,950,000, the property delivers a compelling six percent (6.0%) capitalization rate on existing income, positioning it favorably relative to other stabilized multifamily opportunities in the Long Beach market. Further enhancing returns, the Seller is offering a Freddie Mac first trust deed with an outstanding balance of $2,141,492 at a fixed interest rate of just 3.41%. This assumable, low-cost debt provides immediate interest rate arbitrage and significantly improves cash-on-cash returns in today’s higher interest rate environment.
Property Information
Location: 956 Locust Ave; Long Beach Ca 90813
Parcel # 7273-012-031
Year Built 1986
Living Area: 8,209 S.F.
Lot Size: 7,104 S.F.
Construction Wood
Zoning: LBPD29