830 Elm Ave, Long Beach, CA 90813

Property Description

We are pleased to present 830842 Elm Avenue, an attractive 23-unit multifamily investment opportunity located in Long Beach, California. Built in 1964, the property consists of two separate buildings totaling approximately 16,624 square feet on a 15,779-square-foot lot. The desirable unit mix consists of five two-bedroom/one-bathroom units and eighteen one-bedroom/one-bathroom units. The property has benefited from several significant capital improvements, including deck improvements completed in 2024 and copper re-piping completed in 2016. Constructed with wood framing, stucco exteriors, and pitched roofs, the buildings feature select renovated units with upgraded kitchens, quartz countertops, modern cabinetry, stainless steel appliances, contemporary fixtures, and wood-style flooring. Additional interior improvements include updated bathrooms and modern finishes. Residents enjoy gated entry, an on-site laundry room, and ample parking consisting of 12 enclosed garages and four surface parking spaces, providing a total of 16 parking spaces. The property is separately metered for gas and electricity, helping minimize owner-paid utility expenses. Offered at $5,150,000, the property presents an attractive investment opportunity with a 6.72% current capitalization rate and a 9.88 current gross rent multiplier. With strong in-place cash flow and additional upside through continued rent growth, 830-842 Elm Avenue offers investors the opportunity to acquire an established multifamily asset with long-term appreciation potential in the Long Beach rental market. Two separate parcels, 842 APN# (7273-018-004)