2930 5th Street

Long Beach, CA 90814

$3,450,000

Listed Price
N/A

bed Beds

N/A

shower Baths

N/A sqft

straighten $514 / sqft

1963

calendar_month Built

Property Description

We are pleased to present an eight unit multifamily asset located at 2930 E 5th Street in Long Beach, California. Built in 1963, the subject property consists of 6,702 rentable square feet spread throughout a 0.15 acre lot. The building consists of seven 2-Bedroom / 1- Bathroom units and one 3- Bedroom/ 2-Bathroom unit. Owners enjoy the high demand for rentals in a coastal city of Southern California. Located just off the retro row corridor of 4th street, 2930 E 5th is considered a "walker's paradise" with a "walk score" of 91, ideal for tenants who can easily get to restaurants, shopping, entertainment, and schools by foot. Tenants are also easily able to commute to large employment centers like Downtown Long Beach and CSULB, both just a few miles away. In addition, all of the eight units have been extensively renovated, including, but not limited to, new flooring, new cabinets, new fixtures, new electrical subpanels, and new paint. Those units are achieving top of market rents, demonstrating the viabilty of this asset in a prime Belmont Heights location. The city of Long Beach continues to progress forward and is currently experiencing major redevelopment. The Long Beach port is undergoing $4.4 billion in future redevelopment that will create 14,000 new and permanent jobs in Southern California. The city is undergoing a building boom with more than $5 billion in private and public investments in various stages of development. The new $520 million Long Beach Civic Center development will house a new City Hall, Port of Long Beach headquarters and the Main Library. Long Beach sustains its ability to attract renters due to its strong economy and quality of life. This is an excellent opportunity to acquire a quality asset in a great location with strong current income that will provide a stable return.

Interior Features

Bedroom Information
Bedrooms N/A
Bathroom Information
Bathrooms N/A

Listing Information

Address 2930 5th Street
City Long Beach
State CA
Zip 90814
County Los Angeles
Listing Agent Kevin King DRE#01158184
Co-Listing Agent Ryan Gonzalez DRE#01874815
Courtesy Of Marcus & Millichap
MLS PW24047730
List Price $3,450,000
Status Active
Type Residential Income
Subtype Apartment
Structure Size N/A
Lot Size 6,534
Year Built 1963
DOM 39

Exterior Information

Maps

Listing information courtesy of: Kevin King, Ryan Gonzalez, Marcus & Millichap . *Based on information from the Association of REALTORS/Multiple Listing as of Apr 16th, 2024 at 12:37 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.