$3,450,000 - 2930 5th Street, Long Beach
- 5Beds
- 3Baths
- 0SQ. Feet
- 0.15Acres
We are pleased to present an eight unit multifamily asset located at 2930 E 5th Street in Long Beach, California. Built in 1963, the subject property consists of 6,702 rentable square feet spread throughout a 0.15 acre lot. The building consists of seven 2-Bedroom / 1- Bathroom units and one 3- Bedroom/ 2-Bathroom unit. Owners enjoy the high demand for rentals in a coastal city of Southern California. Located just off the retro row corridor of 4th street, 2930 E 5th is considered a "walker's paradise" with a "walk score" of 91, ideal for tenants who can easily get to restaurants, shopping, entertainment, and schools by foot. Tenants are also easily able to commute to large employment centers like Downtown Long Beach and CSULB, both just a few miles away. In addition, all of the eight units have been extensively renovated, including, but not limited to, new flooring, new cabinets, new fixtures, new electrical subpanels, and new paint. Those units are achieving top of market rents, demonstrating the viabilty of this asset in a prime Belmont Heights location. The city of Long Beach continues to progress forward and is currently experiencing major redevelopment. The Long Beach port is undergoing $4.4 billion in future redevelopment that will create 14,000 new and permanent jobs in Southern California. The city is undergoing a building boom with more than $5 billion in private and public investments in various stages of development. The new $520 million Long Beach Civic Center development will house a new City Hall, Port of Long Beach headquarters and the Main Library. Long Beach sustains its ability to attract renters due to its strong economy and quality of life. This is an excellent opportunity to acquire a quality asset in a great location with strong current income that will provide a stable return.
Sales Agent
Sam SmithBeach Cities Real EstatePhone: 562-355-8228 Cell: 562-355-8228 Contact Agent NowEssential Information
- MLS® #:PW24047730
- Price:$3,450,000
- Bedrooms:5
- Bathrooms:3.00
- Acres:0.15
- Year Built:1963
- Type:Residential Income
- Sub-Type:Apartment
- Status:Active
- Listing Agent:Kevin King
- Listing Office:Marcus & Millichap
Community Information
- Address:2930 5th Street
- Area:699 - Not Defined
- City:Long Beach
- County:Los Angeles
- Zip Code:90814
Amenities
- Parking Spaces:4
- # of Garages:4
- Pool:None
Interior
- # of Stories:2
- Stories:Two
Exterior
- Lot Description:6-10 Units/Acre
Additional Information
- Date Listed:March 8th, 2024
- Days on Market:52
- Zoning:LBR2N
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Based on information from California Regional Multiple Listing Service, Inc. as of April 29th, 2024 at 12:22pm CDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.