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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
    : 
    Multi Family
    Built in 1915
    -- sqft lot
    $-- Zestimate®
    $220/sqft
    $-- HOA

    What's special

    Townhome-style unitsGrade-level parkingOversized lotBrand-new systems
    ***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***
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    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#: IV24250595MLS LogoOriginating 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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