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6.03% Cap | 10% Upside | Renovated Units 1106 Pacific Ave 12 Unit Apartment Building £2,338,466 (£194,872/Unit) 6.03% Net Initial Yield Long Beach, CA 90813
INVESTMENT HIGHLIGHTS
- All 12 units were remodeled in 2019 with Permits
- 6.69% Pro Forma Cap Rate
- Approx. 10% Upside in Rents
- 6.03% Current Cap Rate & 11.08 GRM
- ADU Opportunity - (6) on-site garages can be converted to (3) ADU's (Buyer to Verify)
- Individually Metered for Gas & Electricity
EXECUTIVE SUMMARY
Huge Price Reduction! - Bring all offers
Huge Price Reduction! Bring All Offers -Welcome to The Louis - Priced at an in-place 6.03% cap rate, the Louis iis a full renovated 12 unit apartment complex located in the heart of Long Beach, CA. This well-maintained property is comprised of (2) spacious 2-bedroom/1-bath units and (10) 1-bedroom/1-bath units, all of which were extensively remodeled with permits in 2019. Interiors feature modern finishes, and the units remain in excellent condition. That same year, the exterior received a full facelift, including new paint and a refreshed façade, enhancing the building’s curb appeal. Seller replaced the 100 gallon water heater in 2025.
The property benefits from a stable tenant base, with approximately 10% rental upside remaining—offering investors immediate cash flow and future growth potential. Additionally, there are (6) on-site garages that present a compelling value-add opportunity: potential conversion into (3) ADUs (Accessory Dwelling Units), subject to Buyer verification.
The Louis offers a rare blend of updated construction, long-term tenancy, and upside in one of Long Beach’s most active rental markets.
Huge Price Reduction! Bring All Offers -Welcome to The Louis - Priced at an in-place 6.03% cap rate, the Louis iis a full renovated 12 unit apartment complex located in the heart of Long Beach, CA. This well-maintained property is comprised of (2) spacious 2-bedroom/1-bath units and (10) 1-bedroom/1-bath units, all of which were extensively remodeled with permits in 2019. Interiors feature modern finishes, and the units remain in excellent condition. That same year, the exterior received a full facelift, including new paint and a refreshed façade, enhancing the building’s curb appeal. Seller replaced the 100 gallon water heater in 2025.
The property benefits from a stable tenant base, with approximately 10% rental upside remaining—offering investors immediate cash flow and future growth potential. Additionally, there are (6) on-site garages that present a compelling value-add opportunity: potential conversion into (3) ADUs (Accessory Dwelling Units), subject to Buyer verification.
The Louis offers a rare blend of updated construction, long-term tenancy, and upside in one of Long Beach’s most active rental markets.
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER sq ft |
|---|---|---|
| Gross Rental Income |
£197,162
|
£24.04
|
| Other Income |
£13,939
|
£1.70
|
| Vacancy Loss |
£5,915
|
£0.72
|
| Effective Gross Income |
£205,185
|
£25.01
|
| Taxes |
£30,640
|
£3.74
|
| Operating Expenses |
£33,430
|
£4.08
|
| Total Expenses |
£64,070
|
£7.81
|
| Net Operating Income |
£141,116
|
£17.20
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income | |
|---|---|
| Annual | £197,162 |
| Annual Per sq ft | £24.04 |
| Other Income | |
|---|---|
| Annual | £13,939 |
| Annual Per sq ft | £1.70 |
| Vacancy Loss | |
|---|---|
| Annual | £5,915 |
| Annual Per sq ft | £0.72 |
| Effective Gross Income | |
|---|---|
| Annual | £205,185 |
| Annual Per sq ft | £25.01 |
| Taxes | |
|---|---|
| Annual | £30,640 |
| Annual Per sq ft | £3.74 |
| Operating Expenses | |
|---|---|
| Annual | £33,430 |
| Annual Per sq ft | £4.08 |
| Total Expenses | |
|---|---|
| Annual | £64,070 |
| Annual Per sq ft | £7.81 |
| Net Operating Income | |
|---|---|
| Annual | £141,116 |
| Annual Per sq ft | £17.20 |
PROPERTY FACTS
| Price | £2,338,466 | Apartment Style | Low-Rise |
| Price Per Unit | £194,872 | Costar Property Class | C |
| Sale Type | Investment | Total Plot Size | 0.18 ac |
| Yield | 6.03% | Property Size | 8,203 sq ft |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 11.08 | No. Floors | 2 |
| No. Units | 12 | Year Built/Renovated | 1963/2019 |
| Property Type | Build-to-Rent | Parking Allocation | 0.73/1,000 sq ft |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Use Class | LBR4N - Downtown Plan | ||
| Price | £2,338,466 |
| Price Per Unit | £194,872 |
| Sale Type | Investment |
| Yield | 6.03% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 11.08 |
| No. Units | 12 |
| Property Type | Build-to-Rent |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Costar Property Class | C |
| Total Plot Size | 0.18 ac |
| Property Size | 8,203 sq ft |
| Average Occupancy | 100% |
| No. Floors | 2 |
| Year Built/Renovated | 1963/2019 |
| Parking Allocation | 0.73/1,000 sq ft |
| Opportunity Zone |
Yes |
| Use Class | LBR4N - Downtown Plan |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Disposal
- Microwave
- Heating
- Oven
- Tub/Shower
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT PCM | sq ft |
|---|---|---|---|
| 1+1 | 10 | - | - |
| 2+1 | 2 | - | - |
1 1
Walk Score®
Excellent pedestrian access (92)
Transit Score®
Excellent Public Transport (70)
Bike Score®
Good for cycling (80)
PROPERTY TAXES
| Parcel Number | 7273-005-013 | Total Assessment | £2,679,234 |
| Land Assessment | £1,741,503 | Annual Taxes | £30,640 (£3.74/sq ft) |
| Improvements Assessment | £937,731 | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
7273-005-013
Land Assessment
£1,741,503
Improvements Assessment
£937,731
Total Assessment
£2,679,234
Annual Taxes
£30,640 (£3.74/sq ft)
Tax Year
2025
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6.03% Cap | 10% Upside | Renovated Units | 1106 Pacific Ave
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