$3,800,000
About this home
16 38th Pl | 7-Unit Multifamily in Coastal Long Beach. Built in 1962, the property totals 5,473 SF and presents a rare opportunity to acquire a seven-unit asset delivered 100% vacant, allowing a new owner to immediately execute a full lease-up strategy and establish a clean market-based rent roll from day one. The offering features a desirable unit mix of (4) one-bedroom / one-bath units and (3) two-bedroom / one-bath units, supported by 10 on-site parking spaces that create additional ancillary income potential. Underwritten market rents average approximately $3,536 per unit, supporting a projected stabilized NOI of roughly $209K annually. Offered at $3,800,000 ($542,857/unit | $694.32/SF) with a 5.51% cap rate and 12.79 GRM, the asset provides investors a clear path to stabilization and long-term value creation in a highly desirable coastal Long Beach rental corridor.
Facts & features
- Bedrooms
- 10
- Bathrooms
- 0 full, 0 half
- Living area
- 4,275 sq ft
- Heating
- None
- Cooling
- None
- Levels
- Multi Split
- Lot size
- 0.121 acres (5,257 sq ft)
- Year built
- 1962
- Parking
- Assigned, Controlled Entrance
- Parking spaces
- 10
- Area
- 1 - Belmont Shore/Park, Naples, Marina Pac, Bay Hrbr
- County
- Los Angeles
- Status
- Active
- Property type
- Residential Income
- Days on market
- 37
- Listed
- 2026-02-01
- Original price
- $3,900,000
- Parcel #
- 7256001023
- MLS #
- 26643731
