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Listed by Kacey Taormina • Compass
$1,486,000
Est. payment /mo
5,272 SqFt
Active
1407 Obispo Avenue Long Beach, CA 90804
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Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 5,272 sqft
Price per Sqft $281
MLS Listing ID NP-25096923
Year Built 1929
Lot Size 7,429 Sqft
Property Sub-Type Apartment
Property Description
1407 Obispo Avenue is a 6-unit multifamily offering located in the heart of Long Beach's Eastside neighborhood. The property consists of a front fourplex with (4) 2-bedroom, 1-bath units, each featuring in-unit laundry, and a rear duplex with (2) 1-bedroom, 1-bath units positioned above four single-car garages. The garage structure presents a future opportunity for ADU conversion or added income (buyer to verify). With current rents approximately 27% below market and an attractive price per square foot of just $282, this asset offers immediate upside through strategic renovations and tenant turnover. The property is priced at a 12.06 GRM on existing income, with a projected 9.49 GRM at market rents, offering a compelling return profile in a supply-constrained submarket. Residents benefit from proximity to Pacific Coast Highway retail, Recreation Park, Long Beach City College, and the shops and dining along Retro Row. With rising housing costs and ongoing demand for well-located rental units, 1407 Obispo Avenue offers a rare opportunity to acquire a value-add asset with strong long-term upside.
Location
State CA
County Los Angeles
Area 3 - Eastside, Circle Area
Zoning LBR2N
Interior
Laundry None, Gas & Electric Dryer Hookup
Exterior
Parking Features Gated
Garage Spaces 4.0
Pool None
Community Features Sidewalks
Building
Lot Description Rectangular Lot
Sewer Public Sewer