1048 E 5th Street, Long Beach, California 90802

Rare opportunity to purchase an existing 6 unit property on an oversized lot that is entitled for an additional 5 units. 5/6 of the existing units are fully renovated, and the all of the existing systems are brand new. Benefit from the high returns of development while maintaining cash flow through the process via the existing stabilized 6 units. A buyer will benefit from a very low risk, existing-unit purchase with massive upside entitlements to build 5 more units. Conservatively underwritten, a buyer will achieve significant profits in one of the hottest rental markets of Long Beach.

The unit mix of the existing 6 units is four 1bed/1bath, one 2bed/1bath, & one 2bed/2bath units. The unit mix of the entitled units is two 3bed/2bath with grade-level parking on the first floor, and three 4bed/3bath townhome units. The property is expected to gross $37,000 per month once fully built, stabilizing at a 6.59% Cap rate on cost, 10.97 GRM on cost, $429 per foot, and 442 per unit all-in. Reach out to agent for a more information.