497 Saint Louis Avenue, Long Beach, CA 90814

About this property

Saint Louis Apartments is a 30-unit value-add multifamily investment opportunity located in Long Beach, CA. Saint Louis Apartments offers a desirable mix of spacious one, two, and three-bedroom units featuring amenities including private patios and balconies, vinyl and carpet flooring, ceiling fans, and more. Built in 1987, the property features an attractive community amenities package including a subterranean parking garage offering 45 secured parking spaces and 27 spacious storage units, gated pedestrian access, on-site laundry, and an on-site leasing office. Long Beach’s continued strong rental metrics, including a 2022 vacancy rate of just 3.4 percent and year-over-year rent growth of 10.6 percent, provide a new owner with the opportunity to take advantage of the substantial demand for rental units in the area through unit interior renovations. With current rents below market rates, Saint Louis Apartments represents an attractive value-add opportunity for a new owner.

Listing description from the May 2023 sale, as reported to CRMLS.

Sale history

$9,400,000

Sold May 2023 · listed $9,500,000, on market February 2023 · MLS #OC23034059 · Source: CRMLS

Listing Agent: Tyler Leeson · Listing Office: Marcus & Millichap RE Invest · Contact: 714-713-9086 · Bought with: Tyler Leeson · Marcus & Millichap RE Invest

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