1048 E 5th St Long Beach, CA 90802
North Alamitos Beach NeighborhoodEstimated payment $16,095/month
Total Views
9,149
5
Beds
4
Baths
11,338
Sq Ft
$220
Price per Sq Ft
Highlights
- 0.34 Acre Lot
- No HOA
- Laundry Room
- Long Beach Polytechnic High School Rated A
About This Home
***PRICE IMPROVEMENT***Prime Investment Opportunity with FULLY APPROVED PLANS RTI***Entitled 11-Unit Development with Existing Cash Flow in Long Beach. This is a rare and highly attractive opportunity to acquire a stabilized 6-unit multifamily property situated on an oversized lot already entitled for an additional 5 units—bringing the total future unit count to 11 units. Upon completion, the project is projected to be valued at over $6,000,000, making this a compelling investment with significant upside potential. 5 of 6 units fully renovated with brand-new systems throughout the property, ensuring minimal immediate capital expenditures. Unit Mix (Existing 6 Units):(4) 1 Bed / 1 Bath(1) 2 Bed / 1 Bath(1) 2 Bed / 2 Bath. Entitled 5 Additional Units: FULLY APPROVED PLANS RTI - (2) 3 Bed / 2 Bath units with grade-level parking(3) 4 Bed / 3 Bath townhome-style units, also with grade-level parking. Stabilized Gross Income: Projected to generate nearly $37,000 per month upon full build-out.Strong Cap Rate: Stabilized at a 6.75% Cap Rate on cost. Attractive GRM: Achieves a 10.74 GRM on cost, underscoring strong investment fundamentals.Projected end value exceeds $6,000,000, providing exceptional upside in one of Long Beach’s hottest rental markets.Conservatively underwritten profits of $1.2M+ make this an ideal low-risk, high-reward investment. Benefit from consistent cash flow during the development process with income from the stabilized 6 existing units. Existing units offset holding costs, while entitled plans minimize entitlement risk.Situated in Long Beach, a thriving rental market with strong tenant demand and long-term appreciation potential. This property offers the best of both worlds: stable cash flow today and exceptional upside tomorrow. With a clear path to development and substantial projected returns, this is an opportunity that investors and developers alike will not want to miss. ***OWNER FINANCING OPTIONS***LET'S GET CREATIVE***
Listing Agent
EXP REALTY OF CALIFORNIA INC Brokerage Email: agentjennifermendoza@gmail.com License #01991593 Listed on: 12/16/2024
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1915
Lot Details
- 0.34 Acre Lot
- Two or More Common Walls
Parking
- 5 Car Garage
Home Design
- Apartment
Interior Spaces
- 11,338 Sq Ft Home
- 2-Story Property
Bedrooms and Bathrooms
- 5 Bedrooms
- 4 Bathrooms
Laundry
- Laundry Room
- Washer and Electric Dryer Hookup
Listing and Financial Details
- Legal Lot and Block 5 / C
- Tax Tract Number 576501
- Assessor Parcel Number 7266009015
- $1,839 per year additional tax assessments
- Seller Considering Concessions
Community Details
Overview
- No Home Owners Association
- 4 Buildings
- 6 Units
- Alamitos Beach Subdivision
Building Details
- 6 Leased Units
- 11 Separate Electric Meters
- 11 Separate Gas Meters
- 1 Separate Water Meter
- Electric Expense $2,000
- Insurance Expense $4,535
- Professional Management Expense $17,765
- Trash Expense $1,700
- Water Sewer Expense $3,500
- Operating Expense $118,616
- Gross Income $444,120
- Net Operating Income $316,739
Map
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Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 06/21/2025 06/21/25 | Price Changed | $2,500,000 | -5.7% | $220 / Sq Ft |
| 05/09/2025 05/09/25 | Price Changed | $2,650,000 | -3.6% | $234 / Sq Ft |
| 12/16/2024 12/16/24 | For Sale | $2,750,000 | -- | $243 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Similar Homes in the area
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: IV24250595
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