1128 Temple,Long Beach, CA 90804
Long Beach, CA 90804
Description
1128 Temple Avenue is an eight-unit multifamily investment opportunity located in Long Beach, California. Built in 1987, the three-story property features 100% spacious two-bedroom/two-bathroom residences averaging approximately 956 square feet. Four of the eight units offer private balconies, while additional amenities include 13 secure parking spaces and individually metered gas and electricity, providing desirable resident conveniences and operational efficiencies. Offered at $2,500,000, the property presents a compelling value proposition with pricing metrics that compare favorably to recent sales. The projected 6.55% capitalization rate exceeds the comparable average of 5.95%, while the 9.80 gross rent multiplier is notably below the 12.02 comparable average. These metrics underscore the property's attractive relative valuation and competitive income potential. Currently operated as student housing with rental income generated on a per-bed basis, the property is being marketed as a conventional market-rate multifamily investment. The pro forma reflects a transition to traditional per-unit leasing, with conservatively projected monthly rents of $2,495 per unit, approximately 2% below the surveyed comparable average of $2,547. This measured underwriting approach provides investors with additional rental upside potential beyond projected income. Situated within Long Beach's established residential market, the property benefits from proximity to the city's diverse employment base, coastal amenities, and expanding aerospace and technology sectors. With a projected net operating income of $163,695, attractive acquisition metrics, and the opportunity to transition to conventional multifamily operations, 1128 Temple Avenue offers investors a compelling opportunity to acquire a well-located asset at a favorable basis relative to recent comparable transactions.
Details
| MLS # | PW26236589 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1987 |
| Days On Site | 12 |
| Listing Provided By | Keller Williams Realty Downey | Robert Stepp |
Features
| SQ Feet | 7,647 |
|---|---|
| Garage | 13 |
| Story(s) | 3 |
| Units | 8 |
| Building(s) | 1 |
| Acreage | 0.15 |
Exterior
| Lot Features | Six To Ten 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 | 90804 |
| Area | 3 Eastside | Circle Area |
| Community Name | Eastside (ES) |
| Listing VS Median (in Eastside (ES)) | |
Price: $2,500,000 low | high Med: $1,999,900 sqft: 7,647 low | high Med: 6,960 $ / sqft: $327 low | high Med: $287 On site: 12 low | high Med: 215 | |
Market Activity 90804
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Long Beach |
| Zip Code | 90804 |
| Area | 3 Eastside | Circle Area |
| Community Name | Eastside (ES) |
| Listing VS Median (in Eastside (ES)) | |
Price: $2,500,000 low | high Med: $1,999,900 sqft: 7,647 low | high Med: 6,960 $ / sqft: $327 low | high Med: $287 On site: 12 low | high Med: 215 | |
 | $3,000,0001128 StanleyLong Beach, CA 90804 |