1518 E Artesia

30-Unit Apartment Community | Prime North Long Beach Location ***Price reduced from $6,450,000 to $5,999,000*** New GRM = 9.5*** Investment Overview: This is a rare opportunity to acquire a 30-unit multifamily property strategically located in the vibrant and improving North Long Beach rental market.

The property consists entirely of one-bedroom, one-bath units a unit mix that remains among the most consistently in-demand and easy to lease in the area. With high tenant retention and historically low vacancy, this asset provides a stable income stream and strong long-term appreciation potential. Property Highlights: 30 One-Bedroom / One-Bath Units Highly sought-after floorplans offering functional layouts and reliable tenant demand. Ample Parking & Additional Income Thirteen (13) garages and nine (9) off-street parking spaces generate supplemental revenue and tenant convenience. On-Site Laundry Facilities Well-maintained common laundry areas add another source of ancillary income. Separately Metered Utilities Each unit is individually metered for gas and electricity, reducing ownership expenses and simplifying management. Excellent Access Centrally located with easy access to major freeways, employment centers, schools, and retail corridors. ADU Development Potential: Preliminary assessments indicate that the property may accommodate an additional 5 to 6 Accessory Dwelling Units (ADUs) subject to verification by a qualified general contractor and city approval. At an estimated market rent of $1,820 per month per ADU, this expansion could add approximately $109,200 in annual income and potentially increase the property s value by over $1,092,000, offering significant upside for an investor with a value-add or development strategy. This additional ADU income would effectively bring down the property's GRM to approximately 8.1. Financial Summary: Asking Price: $5,999,000 (equivalent to approximately $199,996 per unit). Gross Rent Multiplier (GRM): 9.5 based on actual rents. Upside Potential: Future ADU income + continued North Long Beach growth Investment Summary: This well-maintained apartment community represents a lucrative investment opportunity in a supply-constrained submarket with strong rental demand. Its combination of in-place income, low expense ratio, and meaningful upside potential through ADU expansion make it an attractive acquisition for investors seeking stable yield and appreciation.

This home located at 1518 E Artesia is currently active and has been available on pardeeproperties.com for 76 days. This property is listed at $5,999,000. It has 3 beds and 3 bathrooms. The property was built in 1955. 1518 E Artesia is in the North Long Beach community of County.

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