925 5th St Long Beach, CA 90802-1604
- Apartment buildings
- 8,060 SF
- 0.16 lot acres
Sep 13, 2024
Current Use by Public Records
- Apartment buildings
Property Details for 925 5th St
- Year built
- 1963
- Construction
- WOOD
- Lot size
- 0.16 lot acres
- Property size
- 8,060 SF
- Zone code
- LBR3S
- Property type
- Apartment buildings
- APN
- 7266-007-021
- APU
- 7266007021
Description
This exceptional 12-unit apartment building, located at 925 E. 5th Street in Long Beach, California's desirable Alamitos Beach neighborhood, presents a compelling investment opportunity. The property, built in 1963, boasts a total of 8,020 square feet on a 7,144 square foot lot and features a mix of unit sizes: four 2-bedroom/2-bathroom units, two 2-bedroom/1-bathroom units, and six 1-bedroom/1-bathroom units. Eleven of the twelve units have undergone complete renovations, including new flooring, kitchen countertops and cabinetry, stainless steel appliances, updated bathrooms, and in-unit washers and dryers. The building is all-electric with separately metered units. Six on-site garages offer significant potential for conversion into accessory dwelling units (ADUs), generating additional rental income. The property enjoys a historically high tenant retention rate, reflecting its prime location within walking distance of numerous amenities. With a Walk Score of 93 and a Bike Score of 92, residents benefit from easy access to shopping, dining, and entertainment. The asking price is $3,050,000, representing a current cap rate of 5.77% and a pro-forma cap rate of 6.82%, with a current NOI of $175,841 and a pro-forma NOI of $207,909. The property's Los Angeles County APN is 7266-007-021. This is a rare opportunity to acquire a well-maintained, high-performing multifamily property in a highly sought-after coastal location.
Value Estimations
-
CAP approach
- CAP Return
- Estimation
- 6%
- $2,570,000
- 6.5%
- $2,370,000
- 7%
- $2,200,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $3,168,000
Market price range: $1.61M - $3.17M -
Alternative Use
- Use
- Estimation
- APARTMENT HOUSE (5+ UNITS)
- $2,355,000 Current use
- NEIGHBORHOOD: SHOPPING CENTER
- $4,765,000 Change: +102% Conversion: Difficult
- OFFICE BUILDING
- $2,855,000 Change: +21% Conversion: Moderate
- AUTO REPAIR, GARAGE
- $2,550,000 Change: +8% Conversion: Difficult
- RETAIL STORES
- $2,265,000 Change: -4% Conversion: Difficult
- WAREHOUSE, STORAGE
- $2,240,000 Change: -5% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Long Beach
- County
- Los Angeles
- State
- California
- Longitude
- -118.18
- Latitude
- 33.7733
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
