1464 Gardenia AveLong Beach, CA 90813

This exceptional 8-unit apartment building in Long Beach, CA presents a compelling investment opportunity. The property, located at 1464 Gardenia Ave, boasts a total of 5,112 square feet on a 6,076 square foot lot. Recently renovated in 2024, this Class B multifamily property includes two buildings, each two stories high, offering a mix of unit sizes. There are five 2-bedroom/1-bathroom units, one 3-bedroom/1-bathroom unit, and two brand new 1-bedroom/1-bathroom Accessory Dwelling Units (ADUs). The ADUs feature modern amenities such as mini-split AC units, in-unit laundry hookups, open-concept living areas, stainless steel appliances, high-grade cabinets, and quartz countertops. Significant upgrades throughout the property include a refreshed exterior, new windows, a new main electrical panel, controlled access, low-water landscaping, updated common areas, and new lighting. Five of the existing units have also been upgraded with new vinyl flooring, kitchens, bathrooms, paint, and lighting. The property offers 3-4 parking spaces. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $132,842, representing a 6.18% cap rate. Pro-forma NOI is projected at $141,118, resulting in a 6.56% pro-forma cap rate. The asking price is $2,150,000, translating to $268,750 per unit and $420.58 per square foot. The land value is $354 per square foot. This stabilized investment property offers a high yield with significant upside potential in a high-demand rental market. The property's APN is 7261-017-011 and is located in the 90813 zip code within Los Angeles County. This turnkey property is ready for immediate income generation.