1135 3rd St Long Beach, CA 90802-3520

This exceptional investment opportunity presents an 11-unit apartment building located at 1135 East 3rd Street, Long Beach, California, 90802. The property, built in 1923, consists of two buildings with two stories, encompassing a total of 6,715 square feet. The complex includes ten studio apartments, two of which are oversized, and a detached three-bedroom, two-bathroom house with its own garage. The property features gated access and on-site laundry facilities. Currently operating as a value-add opportunity, the property offers significant upside potential through unit renovations and rent increases. The asking price is $2,250,000, representing a price per square foot of $335.07 and a price per unit of $204,545.45. The current Net Operating Income (NOI) is $83,668, yielding a 3.72% cap rate. However, a pro-forma NOI of $167,359 projects a 7.44% cap rate, reflecting the substantial rental upside potential. The property is situated in a highly desirable Long Beach neighborhood, a short walk from Alamitos Beach and minutes from Downtown Long Beach and the Pike Outlets. The property is offered fee simple and includes one parking space. The Los Angeles County Assessor's Parcel Number (APN) is 7275-005-018. This is a rare opportunity to acquire a well-located multifamily property with considerable potential for increased profitability.