5-Unit Multifamily with ADU
For Sale
$1,695,000
Pending
245 E Artesia, Long Beach, CA 90805
Well-maintained five-unit property with updated interiors, owned laundry, garages, and approved ADUs for added income.
Property Size6,437 SF
Days on Market104
Property Features for 245 E Artesia
General Information
Standard status
Pending
Size
6,437 SF
Total Parking Spaces
7
Property subtype
Investment
Additional Details
Highway Access
Yes
Multifamily Units
5
Building Details
Building Size
6,437 SF
Year Built
1968
Units
5
Tenancy
Multi
Listing Agency:
Stepp Commercial
Listed By:
Robert Stepp · License #01456379
(310) 774-3740
Source:
Elliman
Added: Jul 5
Changed: Oct 8
Last Checked: Oct 14 at 11:30PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Stepp Commercial
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
245 E Artesia Boulevard is a well-maintained five-unit multifamily asset featuring a unit mix of one 3BD/2BA and four 2BD/2BA residences. The layouts are described as spacious and bright, including a 3BD/2BA unit with high beam ceilings and an in-unit washer and dryer. Interior improvements include updated flooring and fresh paint throughout all units. Additional capital updates include a newer roof installed approximately three years ago and partially updated electrical systems. On-site laundry is supported by owned machines that generate ancillary income, and the property also includes seven garages to support tenant parking.
The property is positioned in a centrally located Long Beach neighborhood with convenient regional access. The remarks cite easy connectivity to the 710, 91, 105, and 405 freeways, along with proximity to Long Beach Airport and nearby retail corridors, dining options, and everyday neighborhood services. Walk and transit scores are reported as somewhat walkable and good transit, respectively.
From a tenant and operator standpoint, the mix of larger floorplans may appeal to residents seeking more space within a five-unit building. For buyers pursuing added value, the property has approved plans to add two new 2BD/1.5BA ADU units, creating a stated path to approximately $60,000 in additional annual income, while leveraging existing property infrastructure and parking resources.
The property is positioned in a centrally located Long Beach neighborhood with convenient regional access. The remarks cite easy connectivity to the 710, 91, 105, and 405 freeways, along with proximity to Long Beach Airport and nearby retail corridors, dining options, and everyday neighborhood services. Walk and transit scores are reported as somewhat walkable and good transit, respectively.
From a tenant and operator standpoint, the mix of larger floorplans may appeal to residents seeking more space within a five-unit building. For buyers pursuing added value, the property has approved plans to add two new 2BD/1.5BA ADU units, creating a stated path to approximately $60,000 in additional annual income, while leveraging existing property infrastructure and parking resources.
Key Highlights
- 5‑unit multifamily built in 1968 with an attractive unit mix: one 3BD/2BA and four 2BD/2BA units
- Average unit size of approximately 1,287 SF; interior updates include updated flooring and paint throughout all units
- In‑unit washer/dryer in the 3BD/2BA unit; owned on‑site laundry machines provide ancillary laundry income
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$107,483
Cap Rate
6.34%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,149,660
$2.1M
Cap Rate 7%
$1,535,471
$1.5M
Cap Rate 9%
$1,194,256
$1.2M
Market Conditions
NOI Build-Up for 6,435 SF
Gross rent
$204.6K $31.80/SF
− Vacancy
−$9.2K −$1.43/SF
EGI
$195.4K $30.37/SF
− OpEx
−$87.9K −$13.67/SF
NOI
$107.5K $16.70/SF
Area
ZIP 90805
Vacancy
4.50%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,149,660
Cap Rate 7%
$1,535,471
Cap Rate 9%
$1,194,256
Alternative Uses
Best Use
Apartment 5plus
$1.54M
$1.34M – $1.79M
NOI $107,483 @ 7.0% cap · market cap 6.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.93M
$1.69M – $2.25M
NOI $134,919 @ 7.0% cap · market cap 7.96%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
446
Businesses Nearby
Explore this area
Business Placement
Demographics for 90805, CA
95,350
Population
28,954
Households
3.3
Avg Household Size
34
Median Age
18%
College-Educated
74%
High-School Grad
7.4 sq mi
ZIP Area
12,885
Density / Sq Mi
$68,615
Median Household Income
$34,948
Median Earnings
$1,664
Median Rent
$588,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained five-unit property with updated interiors, owned laundry, garages, and approved ADUs for added income.
Where is this apartment building located?
The property is located at 245 E Artesia Long Beach, CA.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: 5‑unit multifamily built in 1968 with an attractive unit mix: one 3BD/2BA and four 2BD/2BA units; Average unit size of approximately 1,287 SF; interior updates include updated flooring and paint throughout all units; In‑unit washer/dryer in the 3BD/2BA unit; owned on‑site laundry machines provide ancillary laundry income
