For Sale
$1,125,000

1132 Arcadia CtLong Beach, CA 90813

Five-unit apartment building, high ROI potential.

Overview

Added:
Dec 11, 2024
Days on market:
114
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.

Highlights

  • 5-unit multifamily property currently yielding a 6.01% cap rate and a 10.76 GRM.
  • Unit mix: two 2-bedroom/1-bathroom and three 1-bedroom/1-bathroom units.
  • Potential to add a 2-bedroom/2-bathroom Accessory Dwelling Unit (ADU) in existing tuck-under parking.
  • Ample parking: eight spaces on-site.
  • ADU addition projected to increase annual income by $30,000, with estimated construction costs of $150,000, resulting in a cap rate exceeding 9%.

Property Details for 1132 Arcadia Ct

Property type
Apartment buildings
Square Feet
2,886 SF
Year Built
1962
Buildings
1
Stories
2
Units
5

Location Insight

City
Long Beach
County
Los Angeles
State
California
Latitude
33.7839827
Longitude
-118.1784016
1132 Arcadia Ct, Long Beach, California

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1132 Arcadia Ct
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