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Elite Real Estate Group
info@elitereg805.com$4,499,000
Est. payment /mo
0.28 Acres Lot
UPDATED:
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Historic Rose Park
MLS Listing ID OC25101601
HOA Y/N No
Year Built 1959
Lot Size 0.280 Acres
Property Sub-Type Apartment
Property Description
This 26-unit mixed-use investment is located at the high-visibility corner of 7th Street and Cherry Avenue in the Historic Rose Park District of Long Beach—a walkable, rapidly evolving area surrounded by strong retail demand and stable residential tenancy.
The two-building property totals approximately 17,730 square feet and features 7 ground-floor retail suites and 19 apartment units, consisting of 1 studio, thirteen 1-bed/1-bath units, four 2-bed/1-bath units, and one 3-bed/1-bath unit. The diverse mix of units and commercial spaces creates multiple income streams and flexible leasing opportunities.
With rents significantly below market, the asset offers an estimated 20–25% rental upside achievable through light renovations, management efficiencies, and targeted leasing. The retail spaces have historically maintained 85–90% occupancy, while residential rents present further upside potential.
At the asking price, the property delivers a capitalization rate approaching 6%, and a market-adjusted return above 7.5%, once repositioned. This offering represents a rare chance to acquire a corner mixed-use property in one of Long Beach's most desirable submarkets—combining immediate income, long-term appreciation, and substantial value-add potential.
The two-building property totals approximately 17,730 square feet and features 7 ground-floor retail suites and 19 apartment units, consisting of 1 studio, thirteen 1-bed/1-bath units, four 2-bed/1-bath units, and one 3-bed/1-bath unit. The diverse mix of units and commercial spaces creates multiple income streams and flexible leasing opportunities.
With rents significantly below market, the asset offers an estimated 20–25% rental upside achievable through light renovations, management efficiencies, and targeted leasing. The retail spaces have historically maintained 85–90% occupancy, while residential rents present further upside potential.
At the asking price, the property delivers a capitalization rate approaching 6%, and a market-adjusted return above 7.5%, once repositioned. This offering represents a rare chance to acquire a corner mixed-use property in one of Long Beach's most desirable submarkets—combining immediate income, long-term appreciation, and substantial value-add potential.
Location
State CA
County Los Angeles
Area 3 - Eastside, Circle Area
Zoning LBCCA
Interior
Fireplace No
Laundry Common Area
Exterior
Parking Features None
Pool None
Community Features Urban
Total Parking Spaces 8
Private Pool No
Building
Lot Description 36-40 Units/Acre
Story 2
Sewer Public Sewer, Sewer Tap Paid
Water Public
New Construction No
Others
Senior Community No
Tax ID 7262024021
Energy Description 2500.0
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
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Listed by Mike Marcu Mike Marcu, Broker 949 688 1224
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Elite Real Estate Group
Team