***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***
For sale
Listing Provided by:
JENNIFER MENDOZA DRE #01991593 agentjennifermendoza@gmail.com,
EXP REALTY OF CALIFORNIA INC
Price cut: $150K (6/21)
$2,500,000
1048 E 5th St, Long Beach, CA 90802
8beds
7baths
11,338sqft
Est.:
Multi Family
Built in 1915
-- sqft lot
$-- Zestimate®
$220/sqft
$-- HOA
What's special
Townhome-style unitsGrade-level parkingOversized lotBrand-new systems
- 237 days
- on Zillow |
- 126 |
- 10 |
Zillow last checked: 7 hours ago
Listing updated: June 21, 2025 at 04:13pm
Listing Provided by:
JENNIFER MENDOZA DRE #01991593 agentjennifermendoza@gmail.com,
EXP REALTY OF CALIFORNIA INC
Source: CRMLS,MLS#: IV24250595
Originating MLS: California Regional MLS

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Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 8
- Bathrooms: 7
Appliances
- Laundry: Washer Hookup, Electric Dryer Hookup
Features
- Common walls with other units/homes: 2+ Common Walls
Interior area
- Total structure area: 11,338
- Total interior livable area: 11,338 sqft
Property
Parking
- Total spaces: 5
- Parking features: Garage
- Garage spaces: 5
Features
- Levels: Two
- Stories: 2
- Entry location: /
- Pool features: None
Lot
- Size: 0.34 Acres
Details
- Parcel number: 7266009015
- Zoning: LBR3S
- Special conditions: Standard
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Multi Family
- Attached to another structure: Yes
Condition
- New construction: No
- Year built: 1915
Utilities & green energy
- Sewer: Public Sewer
- Water: Public
Community & HOA
Community
- Features: Curbs, Sidewalks
- Subdivision: Alamitos Beach (Ab)
Location
- Region: Long Beach
Financial & listing details
- Price per square foot: $220/sqft
- Tax assessed value: $1,664,880
- Annual tax amount: $22,547
- Date on market: 12/16/2024
- Listing terms: Cash,Conventional,1031 Exchange,Owner May Carry,Submit
- Total actual rent: 13870
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