1132 Arcadia Ct Long Beach, CA 90813

Property Details for 1132 Arcadia Ct

Year built

1962

Property size

2,886 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a five-unit apartment building located at 1132 E Arcadia Ct, Long Beach, CA 90813. The property boasts a total of 2,886 square feet situated on a 4,987 square foot lot. Built in 1962, this two-story building features a desirable unit mix of two two-bedroom, one-bathroom units and three one-bedroom, one-bathroom units. Most units have undergone light renovations within the past two years. A significant advantage is the inclusion of eight parking spaces, a rarity for properties of this size. Each unit is equipped with separate gas and electric meters. The property currently generates a Net Operating Income (NOI) of $67,556, representing a 6.00% capitalization rate. However, a pro-forma NOI of $105,085 projects a 9.34% capitalization rate, indicating substantial upside potential. The asking price is $1,125,000, translating to $225,000 per unit and $389.81 per square foot. The property is zoned LBR1N and is ideally positioned near significant ongoing developments in Downtown Long Beach, including the Long Beach Civic Center, Aquarium, OceanAire Project, CSULB Downtown Village, Broadway Block, The Pacific, and Queen Mary Island. Further enhancing its value, the property offers the potential to add an Accessory Dwelling Unit (ADU) in the existing tuck-under parking area, which is projected to increase annual income by approximately $30,000. This property presents a compelling investment opportunity for both seasoned and new investors seeking strong returns and significant upside potential in a rapidly growing market.

Location Insight

City

Long Beach

County

Los Angeles

State

California

Longitude

-118.178

Latitude

33.784