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    2325 E. 2nd Street Long Beach, CA 90803

    Sponsored
    For Sale
    $2,950,000

    Prime Bluff Park 11-unit apartment building.

    Property size:
    7,057 SF

    Description

    Added:
    Jan 16, 2025
    Days on Market:
    364
    This exceptional 11-unit apartment building presents a compelling investment opportunity in Long Beach's desirable Bluff Park neighborhood. Located at 2325 E. 2nd Street, this property boasts a prime location offering convenient access to the beach and the best of coastal living. The property comprises two buildings: a 1923 structure featuring four 1-bedroom/1-bathroom units and a 1964 building with four 1-bedroom/1-bathroom units, one 2-bedroom/1-bathroom unit, and two studio units (one non-conforming). Six units have undergone renovations, including the installation of in-unit washer/dryers. Building-wide improvements encompass double-pane windows and upgraded electrical systems. Adding to the property's income stream is an on-site laundry facility and four garages, each permitted for the potential development of an Accessory Dwelling Unit (ADU). The property is offered at an attractive 11.9 GRM and a 5.36% cap rate based on current rents. A significant advantage is the availability of assumable financing at a 3.47% interest rate until October 1, 2026. The property sits on a 0.16-acre lot and has a total building size of 7,057 square feet. This well-maintained multifamily property offers a blend of historical charm and modern updates, making it an ideal investment for discerning buyers seeking strong returns and a desirable location. The property consists of 10 legal units plus one non-conforming unit.

    Property Features for 2325 E. 2nd Street

    General Information

    Property type
    Residential income homes
    Square Feet
    7,057 SF
    Price / Square Foot
    $417
    Elevators
    N/A
    Lot Size
    7,057 SF

    Building Details

    Stories
    2
    Units
    11

    HighLights

    • Prime Bluff Park location, offering convenient beach access and coastal living.
    • Eleven‑unit apartment building with six renovated units featuring in‑unit laundry.
    • Assumable financing at 3.47% interest until October 1, 2026, is available.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential income homes

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    City
    Long Beach
    State
    California

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    FAQs

    What type of property is this?
    Residential income home - Prime Bluff Park 11-unit apartment building.
    Where is this residential income home located?
    The property is located at 2325 E. 2nd Street Long Beach, CA.
    What is the asking price?
    The asking price for this property is $2,950,000.
    What are key features of this property?
    This property features: Prime Bluff Park location, offering convenient beach access and coastal living.; Eleven-unit apartment building with six renovated units featuring in-unit laundry.; Assumable financing at 3.47% interest until October 1, 2026, is available.
    (310) 774-3745
    Request Owner's contact information
    2325 E. 2nd Street Long Beach, CA 90803
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2325 E. 2nd Street Long Beach, CA 90803
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