930 E Ocean Boulevard Active Save Request In-Person Tour Request Virtual Tour
Long Beach,CA 90802
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 3,529 sqft
Price per Sqft $623
MLS Listing ID CL25496551
Year Built 1988
Lot Size 3,854 Sqft
Property Sub-Type Other
Property Description
Listed for $2,200,000, this six-unit multifamily property offers a prime investment opportunity in one of Long Beach's most desirable beachside locations. The building consists of (2) 2-bedroom/1-bath units, (3) 1-bedroom/1-bath units, and one unpermitted studio unit. One building was constructed in 1908 and the other was built in 1988. The property spans 3,529 rentable square feet on a 3,854-square-foot lot and provides tenants with a unique blend of coastal living and urban convenience. Currently generating $11,600 per month ($139,200 annually) in gross rental income, the property has a significant 30% upside, with projected market rents reaching $15,050 per month ($180,600 annually). At market rents, the property operates at a 6.00% cap rate and a 12.18 GRM, compared to its current 4.23% cap rate and 15.80 GRM. The net operating income (NOI) at market levels is estimated at $132,064 per year, offering substantial income growth potential. The property includes two garage spaces, two additional on-site parking spaces, and ample street parking nearby. Situated just steps from the beach and minutes from Downtown Long Beach, this location offers unparalleled access to local dining, entertainment, and outdoor recreation. This well-maintained asset presents a rare opportunity for inv
Location
State CA
County Los Angeles
Zoning LBPD
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Building
New Construction No