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$ 1,380,000
Est. payment | /mo
5,272 SqFt
$ 1,380,000
Est. payment | /mo
5,272 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Pending
Purchase Type For Sale
Square Footage 5,272 sqft
Price per Sqft $261
MLS Listing ID CRNP25096923
HOA Y/N No
Year Built 1929
Lot Size 7,429 Sqft
Acres 0.17
Property Sub-Type Other
Property Description
1407 Obispo Avenue is a 6-unit multifamily offering located in the heart of Long Beach’s 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 LBR2
Interior
Fireplace No
Laundry Gas Dryer Hookup, Other, No Hookups
Building
Lot Description Other
New Construction No
Others
Tax ID 7259023013
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Listed by Kacey Taormina • Compass
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "