39
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$1,380,000
Est. payment /mo
8 Beds
4 Baths
Active Under Contract
1407 Obispo Avenue Long Beach, CA 90804
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Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active Under Contract
Purchase Type For Sale
MLS Listing ID NP25096923
Bedrooms 8
Property Sub-Type Res Income 2-4 Units
Property Description
1407 Obispo Avenue is a 6-unit multifamily offering located in the heart of Long Beachs Eastside neighborhood. The property consists of a front fourplex with (4) 2-bedroom, 1-bath units, each featuring in-unit laundry, and a rear duplex with (2) 1-bedroom, 1-bath units positioned above four single-car garages. The garage structure presents a future opportunity for ADU conversion or added income (buyer to verify). With current rents approximately 27% below market and an attractive price per square foot of just $282, this asset offers immediate upside through strategic renovations and tenant turnover. The property is priced at a 12.06 GRM on existing income, with a projected 9.49 GRM at market rents, offering a compelling return profile in a supply-constrained submarket. Residents benefit from proximity to Pacific Coast Highway retail, Recreation Park, Long Beach City College, and the shops and dining along Retro Row. With rising housing costs and ongoing demand for well-located rental units, 1407 Obispo Avenue offers a rare opportunity to acquire a value-add asset with strong long-term upside.
Location
State CA
County Los Angeles
Zoning Estimated
Direction Anaheim to Obispo
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Tax ID 7259023013
Listed by Kacey Taormina Compass