1048 East 5th Street
Description
This is a rare and highly attractive opportunity to acquire a stabilized 6-unit multifamily property situated on an oversized lot already entitled for an additional 5 units—bringing the total future unit count to 11 units. Upon completion, the project is projected to be valued at over $6,000,000, making this a compelling investment with significant upside potential. Key Highlights:
Turnkey Existing Units:...Prime Investment Opportunity: Entitled 11-Unit Development with Existing Cash Flow in Long Beach
This is a rare and highly attractive opportunity to acquire a stabilized 6-unit multifamily property situated on an oversized lot already entitled for an additional 5 units—bringing the total future unit count to 11 units. Upon completion, the project is projected to be valued at over $6,000,000, making this a compelling investment with significant upside potential. Key Highlights:
Turnkey Existing Units:
5 of 6 units fully renovated with brand-new systems throughout the property, ensuring minimal immediate capital expenditures. Unit Mix (Existing 6 Units):
(4) 1 Bed / 1 Bath
(1) 2 Bed / 1 Bath
(1) 2 Bed / 2 Bath
Entitled 5 Additional Units:
Development-ready plans for modern units:
(2) 3 Bed / 2 Bath units with grade-level parking
(3) 4 Bed / 3 Bath townhome-style units, also with grade-level parking
Financial Performance:
Stabilized Gross Income: Projected to generate nearly $37,000 per month upon full build-out. Strong Cap Rate: Stabilized at a 6.75% Cap Rate on cost. Attractive GRM: Achieves a 10.74 GRM on cost, underscoring strong investment fundamentals. Significant Profitability:
Projected end value exceeds $6,000,000, providing exceptional upside in one of Long Beach’s hottest rental markets. Conservatively underwritten profits of $1.2M+ make this an ideal low-risk, high-reward investment. Strategic Investment Benefits:
Immediate Cash Flow:
Benefit from consistent cash flow during the development process with income from the stabilized 6 existing units. Low-Risk Development Play:
Existing units offset holding costs, while entitled plans minimize entitlement risk. High-Demand Location:
Situated in Long Beach, a thriving rental market with strong tenant demand and long-term appreciation potential. This property offers the best of both worlds: stable cash flow today and exceptional upside tomorrow. With a clear path to development and substantial projected returns, this is an opportunity that investors and developers alike will not want to miss.
- Listed by JENNIFER MENDOZA • DRE #01991593 • Brokerage DRE #01878277 • EXP REALTY OF CALIFORNIA INC • agentjennifermendoza@gmail.com
Property Details for 1048 East 5th Street
Property Details for 1048 East 5th Street
| Status | Active |
|---|---|
| MLS # | IV24250595 |
| Days on Market | 1 |
| Taxes | - |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Residential Income |
| Year Built | 1915 |
| County | Los Angeles County |
Building Information for 1048 East 5th Street
Property Information for 1048 East 5th Street
- Gross Income: $444,120
- Gross Scheduled Income: $444,120
- Vacancy Allowance Rate: 3
- Gross Operating Income: $435,355
- Net Operating Income: $316,739
- Number Of Rented Garages: 6
- Gross Multiplier: 10.74
- Cap Rate: 6.64
- Operating Expense: $118,616
- Fuel Expense: $0
- Electric Expense: $2,000
- Insurance Expense: $4,535
- Professional Management Expense: $17,765
- Trash Expense: $1,700
- Water Sewer Expense: $3,500
- Total Expenses: $118,616
- Tax Block: C
- Tax Tract Number: 576501
- Tax Census Tract: 5765.01
- CFD/Mello-Roos Fee: $1,839
- Tax Lot: 5
- Community Features: Curbs, Sidewalks
- Laundry: Yes
- Laundry Features: Electric Dryer Hookup, Washer Hookup
- Entry Location: /
- Pool Features: None
- Pool Description: None
- Pool: N/K
- Lot Features: Lot 10000-19999 Sqft
- Number Of Units: 6
- Land Lease: No
- Land Lease Type: Fee
- Levels: Two
- Water: Public
- Sewer: Public Sewer
- Water Source: Public
- Garage Spaces: 5
- Parking Garage Spaces: 5
- Carport Spaces: 0
- Builders Tract Name: Alamitos Beach
- Builders Tract Code: Alamitos Beach (AB)
- Unit Type Units Total: 4
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 4
- Unit Type Garage Attached: Yes
- Unit Type Actual Rent: $2,143
- Unit Type Total Rent: $8,580
- Unit Type Pro Forma: 8580
- Unit Type Type: 1
- Unit Type Units Total: 1
- Unit Type Beds Total: 2
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 1
- Unit Type Garage Attached: Yes
- Unit Type Actual Rent: $2,495
- Unit Type Total Rent: $2,495
- Unit Type Pro Forma: 2595
- Unit Type Type: 2
- Unit Type Units Total: 1
- Unit Type Beds Total: 2
- Unit Type Baths Total: 2
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 1
- Unit Type Garage Attached: Yes
- Unit Type Actual Rent: $2,595
- Unit Type Total Rent: $2,595
- Unit Type Pro Forma: 2695
- Unit Type Type: 3
- Number Of Units Leased: 6
- Rent Controlled: No
- Number Of Buildings: 4
- Number Of Separate Electric Meters: 11
- Number Of Separate Gas Meters: 11
- Number Of Separate Water Meters: 1
Property History for 1048 East 5th Street
| Date | Event & Source | Price | Appreciation |
|---|
| Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 1048 East 5th Street
Schools near 1048 East 5th Street
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | K to 5 | |||
| Public - | 6 to 8 | |||
| Public - | 9 to 12 | |||
| Public - | 9 to 12 |
Rating | School | Distance |
|---|---|---|
Stevenson Elementary School PublicK to 5 | ||
Franklin Classical Middle School Public6 to 8 | ||
Polytechnic High School Public9 to 12 | ||
Renaissance High School For The Arts Public9 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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Listing Courtesy of EXP REALTY OF CALIFORNIA INC, JENNIFER MENDOZA, DRE #01991593
Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.