1106 Pacific Ave
12 Renovated Units With 10% Upside
The Offering
Summary
- Address: 1106 Pacific Ave
- City: Long Beach
- Price: $3,390,000
- Units: 12
- Year Built: 1963
- Bldg. SF: 8,203
- Cap Rate: 5.43%
- GRM: 11.95
- Pro Forma Cap Rate: 6.13%
- Pro Forma GRM: 10.97
- Price Per Unit: $282,500
- Price Per SF: $413
Welcome to The Louis – A renovated multifamily asset located in the heart of Long Beach, CA. This well-maintained 12-unit property is comprised of (2) spacious 2-bedroom/1-bath units and (10) 1-bedroom/1-bath units, all of which were extensively remodeled with permits in 2019. Interiors feature modern finishes, and the units remain in excellent condition. That same year, the exterior received a full facelift, including new paint and a refreshed façade, enhancing the building’s curb appeal.
The property benefits from a stable tenant base, with approximately 9% rental upside remaining, offering investors immediate cash flow and future growth potential. Additionally, there are (6) on-site garages that present a compelling value-add opportunity: potential conversion into (3) ADUs (Accessory Dwelling Units), subject to Buyer verification.
The Louis offers a rare blend of updated construction, long-term tenancy, and upside in one of Long Beach’s most active rental markets.
