1518 E Artesia

Description

30-Unit Apartment Community | Prime North Long Beach Location ***Price reduced from $6,450,000 to $5,900,000*** New GRM = 9.5***Investment Overview:This is a rare opportunity to acquire a 30-unit multifamily property strategically located in the vibrant and improving North Long Beach rental market. The property consists entirely of one-bedroom, one-bath units—a unit mix that remains among the most consistently in-demand and easy to lease in the area. With high tenant retention and historically low vacancy, this asset provides a stable income stream and strong long-term appreciation potential.Property Highlights:30 One-Bedroom / One-Bath Units – Highly sought-after floorplans offering functional layouts and reliable tenant demand. Ample Parking & Additional Income – Thirteen (13) garages and nine (9) off-street parking spaces generate supplemental revenue and tenant convenience. On-Site Laundry Facilities – Well-maintained common laundry areas add another source of ancillary income. Separately Metered Utilities – Each unit is individually metered for gas and electricity, reducing ownership expenses and simplifying management. Excellent Access – Centrally located with easy access to major freeways, employment centers, schools, and retail corridors.ADU Development Potential:Preliminary assessments indicate that the property may accommodate an additional 5 to 6 Accessory Dwelling Units (ADUs)—subject to verification by a qualified general contractor and city approval. At an estimated market rent of $1,820 per month per ADU, this expansion could add approximately $109,200 in annual income and potentially increase the property’s value by over $1,092,000, offering significant upside for an investor with a value-add or development strategy. This additional ADU income would effectively bring down the property's GRM to approximately 8.1.Financial Summary:Asking Price: $5,900,000 (equivalent to approximately $196,666 per unit). Gross Rent Multiplier (GRM): 9.5 based on actual rents.Upside Potential: Future ADU income + continued North Long Beach growthInvestment Summary:This well-maintained apartment community represents a lucrative investment opportunity in a supply-constrained submarket with strong rental demand. Its combination of in-place income, low expense ratio, and meaningful upside potential through ADU expansion make it an attractive acquisition for investors seeking stable yield and appreciation.