531 W 5th Street, Long Beach, CA 90802
Property
Sold March 2024
Listing Agent: Kacey Taormina (DRE #01920673) · Listing Office: Compass · Contact: 714-323-3200 · Bought with: Aspen Labrador · Compass · MLS #NP24025759 · Source: CRMLS
About this property
531 W 5th Street is a 7-unit apartment complex located in Los Angeles County’s rapidly growing Long Beach Market. Consisting of (1) detached 3 bedroom/ 1 bath home and (6) Studios with full kitchens and large baths. The property features 4 newly constructed garages with three storage units and (1) 2 car garage. Offering an investor the opportunity to acquire a true value-add asset with over 54% in rental upside. All tenants are on month-to-month leases. Access to commuting freeways and core job markets continues to make this location irreplaceable. A future investor will enjoy long-term upside with this asset, due to a continued shortage of apartment housing and lack of affordability in single-family homes in Southern California.
Listing description from the March 2024 sale, as reported to CRMLS.
Sale history