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Listed by W. Kurt Wood • Belmont Brokerage & Mgmt. INC.
$ 6,450,000
Est. payment /mo
New
1518 East Artesia Long Beach, CA 90805
17,741 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 17,741 sqft
Price per Sqft $363
Subdivision North Long Beach
MLS Listing ID PW-25247306
Style Contemporary
Year Built 1955
Lot Size 3,814 Sqft
Property Sub-Type Apartment
Source California Regional Multiple Listing Service (CRMLS)
Property Description
30-Unit Apartment Community | Prime North Long Beach Location
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 8.8.
Financial Summary:
Asking Price: $6,450,000 (equivalent to approximately $215,000 per unit). Gross Rent Multiplier (GRM): 10.3
Upside Potential: Future ADU income + continued North Long Beach growth
Investment 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 both private investors and portfolio operators seeking stable yield and appreciation.
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 8.8.
Financial Summary:
Asking Price: $6,450,000 (equivalent to approximately $215,000 per unit). Gross Rent Multiplier (GRM): 10.3
Upside Potential: Future ADU income + continued North Long Beach growth
Investment 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 both private investors and portfolio operators seeking stable yield and appreciation.
Location
State CA
County Los Angeles
Area 7 - North Long Beach
Interior
Fireplaces Type None
Laundry Common Area
Exterior
Parking Features Assigned
Garage Spaces 13.0
Pool None
Community Features Sidewalks, Suburban
View Y/N No
View None
Building
Lot Description Corner Lot
Sewer Public Sewer
Nicole Van Parys & Gary Nesen
License Partners, Private Office Advisors | License ID: 01108944