477 South St Long Beach, CA 90805
- Apartment buildings
- 9,840 SF
- 0.24 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 477 South St
- Year built
- 1961
- Lot size
- 0.24 lot acres
- Property size
- 9,840 SF
- Property type
- Apartment buildings
Description
This exceptional 16-unit apartment community in Long Beach, CA presents a compelling investment opportunity. Priced at $4,400,000, this property boasts a 5.05% cap rate at full occupancy, offering significant potential for return. The 9,840 square foot complex comprises two 2-story buildings, each housing eight 2-bedroom, 1-bathroom units, arranged around a central courtyard. Built in 1961, the property sits on a 0.239-acre lot (APN 7125032033) and is zoned LBCMR. Recent upgrades (2024) include five fully renovated units with updated plumbing, paint, flooring, and kitchen finishes; two of these also feature upgraded bathrooms and lighting. Further improvements encompass new electrical panels (main and sub) and new water lines to eight units. A community laundry room generates additional income. Currently, three units are vacant, allowing for immediate market-rate rent increases, and all existing tenants are on month-to-month leases. The property's prime location near Atlantic Avenue's vibrant restaurants and shops, the upcoming Rhythm mixed-use development, and convenient access to the 91, 710, and 405 freeways ensures strong tenant demand and future appreciation. The price per unit is $275,000, and the property's Net Operating Income (NOI) is $175,062. This is a turnkey investment ready for immediate income generation and further value enhancement.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Long Beach
- County
- Los Angeles
- State
- California
- Longitude
- -118.187
- Latitude
- 33.8601
