1040 Gardenia Ave Long Beach, CA 90813

This Long Beach, CA multifamily investment property at 1040 Gardenia Ave offers a compelling opportunity. The 1925-built, two-story apartment building features three units, each approximately 840 square feet, totaling 3,568 net rentable square feet. Situated on a 6,531 square foot lot, the property is zoned LBR2N. Currently generating a NOI of $31,617, with a pro-forma NOI of $57,699, it presents a 3.33% cap rate and a pro-forma cap rate of 6.07%. The asking price is $950,000, or $237,500 per unit, and the price per square foot is $266.66. The property's location in a desirable Long Beach neighborhood offers strong potential for rent growth and increased cash flow. One unit is vacant at close of escrow. The property also presents potential for the addition of accessory dwelling units (ADUs) given the detached garages. This presents a rare opportunity to acquire a well-located multifamily property in a thriving rental market with significant upside potential. The property's blend of vintage charm and potential for upgrades makes it an ideal investment for both seasoned investors and those seeking to enter the market. The Los Angeles County APN is 7267-014-005. The zip code is 90813.