16 38th PL, Long Beach, CA 90803
16 38th PL, Long Beach, CA 90803
16 38th PL, Long Beach, CA 90803
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Diego Magdaleno

Diego Magdaleno

+1(714) 376-8652
$3,800,000
Est. payment /mo
10 Beds
8 Baths
4,275 SqFt
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UPDATED:

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 4,275 sqft

Price per Sqft $888

MLS Listing ID 26643731

Bedrooms 10

HOA Y/N No

Year Built 1962

Lot Size 5,257 Sqft

Property Description

16 38th Pl | 7-Unit Multifamily in Coastal Long Beach. Built in 1962, the property totals 5,473 SF and presents a rare opportunity to acquire a seven-unit asset delivered 100% vacant, allowing a new owner to immediately execute a full lease-up strategy and establish a clean market-based rent roll from day one. The offering features a desirable unit mix of (4) one-bedroom / one-bath units and (3) two-bedroom / one-bath units, supported by 10 on-site parking spaces that create additional ancillary income potential. Underwritten market rents average approximately $3,536 per unit, supporting a projected stabilized NOI of roughly $209K annually. Offered at $3,800,000 ($542,857/unit | $694.32/SF) with a 5.51% cap rate and 12.79 GRM, the asset provides investors a clear path to stabilization and long-term value creation in a highly desirable coastal Long Beach rental corridor.

Location

State CA

County Los Angeles

Area 1 - Belmont Shore/Park, Naples, Marina Pac, Bay Hrbr

Zoning LBR4R

Interior

Heating None

Cooling None

Fireplace No

Exterior

Parking Features Assigned, Controlled Entrance

Total Parking Spaces 10

Building

Entry Level Multi/Split

Level or Stories Multi/Split

New Construction No

Others

Senior Community No

Tax ID 7256001023

Special Listing Condition Standard

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Listed by Taylor Avakian Lyon Stahl Investment Real Estate, Inc. #02060040

NEARBY SCHOOLS & PROPERTIES

Diego Magdaleno

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