Description
92 E. Louise Street presents the opportunity to acquire a well- maintained four-unit multifamily property offering strong in-place cash flow, meaningful rental upside, and additional long-term value creation potential in North Long Beach. Built in 1953, the property consists entirely of two-bedroom/one- bath units, each approximately 740 square feet, providing a highly desirable and consistent unit mix with broad renter appeal. Current rents average approximately $2,138 per month, compared with nearby rent comparables averaging approximately $2,538 per month, demonstrating substantial embedded rental upside. The property has also benefited from several significant capital improvements, including new windows throughout the building, recent re-piping, exterior painting within the past three years, and a new electronic security gate. These improvements reduce near- term capital expenditure exposure while enhancing the property's overall functionality and tenant appeal. The property's four detached garages and additional surface spaces present the opportunity to add immediate income through parking fees or convert garages to ADUs for future additional rental income (buyer to verify).The offering compares favorably with recent four-unit sales in the surrounding market. At $275, 000 per unit, 92 E. Louise is priced below the comparable-set average of approximately $306,750 per unit, while offering a substantially stronger going-in yield than the comparable average cap rate of approximately 5.32% For investors seeking strong current yield with identifiable upside, 92 E. Louise Street offers a compelling combination of in-place cash flow, below-market rents, an all-two-bedroom unit mix, recent capital improvements, and potential future ADU development-all at a basis below recent comparable four-unit sales.
Details
| MLS # | PW26180123 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1953 |
| Days On Site | 83 |
| Listing Provided By | Keller Williams Realty Downey | Robert Stepp |
Features
| SQ Feet | 2,961 |
|---|---|
| Garage | 4 |
| Story(s) | 2 |
| Units | 4 |
| Building(s) | 2 |
| Acreage | 0.13 |
Exterior
| Lot Features | Two To Five Units Acre |
|---|
Parking
| Garage Yes / No | Yes |
|---|
Utilities
| Sewer | Public Sewer |
|---|
Location
| Community Features | Sidewalks |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Long Beach |
| Zip Code | 90805 |
| Area | 7 North Long Beach |
| Community Name | North Long Beach (NLB) |
| Listing VS Median (in North Long Beach (NLB)) | |
Price: $1,100,000 low | high Med: $677,500 sqft: 2,961 low | high Med: 1,138 $ / sqft: $371 low | high Med: $617 On site: 83 low | high Med: 206.5 | |
Market Activity 90805
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Long Beach |
| Zip Code | 90805 |
| Area | 7 North Long Beach |
| Community Name | North Long Beach (NLB) |
| Listing VS Median (in North Long Beach (NLB)) | |
Price: $1,100,000 low | high Med: $677,500 sqft: 2,961 low | high Med: 1,138 $ / sqft: $371 low | high Med: $617 On site: 83 low | high Med: 206.5 | |
