930 Ocean blvd, Long Beach, CA 90802
Active
$2,200,000
6 Units
7 Beds
6 Baths
3,529 Area(sq.ft.)
Lot: 3,854 Lot Size(sq.ft.)
| Type | # of Units | Bedroom | Bath | Furnished | Rent | Actual Rent | Projected Rent |
|---|---|---|---|---|---|---|---|
| Unit 1 | 1 | 1 | 1 | No | $ 1,765 | $ 1,765 | $ 2,400 |
| Unit 2 | 1 | 1 | 1 | No | $ 2,000 | $ 2,000 | $ 2,400 |
| Unit 3 | 1 | studio | 1 | No | $ 1,710 | $ 1,710 | $ 1,950 |
| Unit 4 | 1 | 2 | 1 | No | $ 2,400 | $ 2,400 | $ 2,950 |
| Unit 5 | 1 | 1 | 1 | No | $ 1,825 | $ 1,825 | $ 2,400 |
| Unit 6 | 1 | 2 | 1 | No | $ 1,900 | $ 1,900 | $ 2,950 |
| 6 | 7 | 6 | $ 11,600 | $ 11,600 | $ 15,050 |
| MLS #: | 25496551 |
| Days On Market: | 298 |
| Listing Date: | February 10, 2025 |
| County: | Los Angeles |
| Property Type: | Residential Income |
| Price per ft2: | $ 623 |
| Price per unit: | $ 366,667 |
| Year Built: | 1988 |
Property Details
Listed for $2,200,000, this six-unit multifamily property offers a prime investment opportunity in one of Long Beach's most desirable beachside locations. The building consists of (2) 2-bedroom/1-bath units, (3) 1-bedroom/1-bath units, and one unpermitted studio unit. One building was constructed in 1908 and the other was built in 1988. The property spans 3,529 rentable square feet on a 3,854-square-foot lot and provides tenants with a unique blend of coastal living and urban convenience. Currently generating $11,600 per month ($139,200 annually) in gross rental income, the property has a significant 30% upside, with projected market rents reaching $15,050 per month ($180,600 annually). At market rents, the property operates at a 6.00% cap rate and a 12.18 GRM, compared to its current 4.23% cap rate and 15.80 GRM. The net operating income (NOI) at market levels is estimated at $132,064 per year, offering substantial income growth potential. The property includes two garage spaces, two additional on-site parking spaces, and ample street parking nearby. Situated just steps from the beach and minutes from Downtown Long Beach, this location offers unparalleled access to local dining, entertainment, and outdoor recreation. This well-maintained asset presents a rare opportunity for investors seeking long-term growth and value appreciation in a highly sought-after neighborhood.Interested in this Listing?
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Income Details
| Gross Operating Income: | $ 135,024 |
| Total Annual Expense: | $ 41,876 |
| Net Operating Income: | $ 93,148 |
| Gross Annual Income: | $ 139,200 |
| Gross Rent Multiplier: | 15.80 |
Structure
| Type of Units: | Apartment |
| Buildings: | 2 |
| Levels: | Multi/Split |
Land & Parking
| Zoning: | LBPD5 |
| Parking Garage: | Garage - 2 Car, On street, Driveway - Concrete |
Interior
| AC/Cooling: | Wall/Window |
| Equipment: | None |
| Heating: | Wall |
Exterior
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