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$ 3,350,000
Est. payment | /mo
5 Beds
4 Baths
5,433 Sqft Lot
$ 3,350,000
Est. payment | /mo
5 Beds
4 Baths
5,433 Sqft Lot
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
Subdivision North Long Beach (Nlb)
MLS Listing ID SB26216803
Bedrooms 5
Lot Size 5,433 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
5529 Dairy Ave is a rare opportunity to own a turnkey 10-unit, non-rent-controlled apartment building in North Long Beach that produces strong cash flow from day one. Offered at $3,350,000, the property delivers an approximately 7% cap rate on current scheduled rents. The building was taken down to the framing in 2022 under permit and extensively rebuilt with a new roof, new electrical and plumbing systems, new HVAC, new windows, and an individual water heater for every unit. Interiors feature new cabinetry, flooring, recessed lighting, updated bathrooms, and stainless steel appliances, complemented by drought-tolerant landscaping. The unit mix consists of five 1 bed / 1 bath units and five 2 bed / 1 bath units, including three newly built ADUs. Gas and electricity are separately metered and paid directly by the tenants. Five of the ten units are master leased to a single organization, providing one rent payment each month and reduced property management demands. With every major building system substantially new, near-term capital expenditure requirements are minimal. As a non-LA-City rent-controlled asset, the property also allows significant 8.7% annual rent increases (5% + CPI) for future upside. The property is located roughly five miles from Douglas Park and the Long Beach Airport aerospace corridor, where Anduril, Rocket Lab, Relativity, and other major employers continue to expand, and offers convenient access to the 710, 91, and 405 freeways. A coastal-city rental market without coastal-city pricing.
Location
State CA
County Los Angeles
Zoning Public Rec
Direction Between 55th and E Ellis St
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 7126025019
Acceptable Financing Conventional
Listing Terms Conventional
Listed by Anthony Walker, DRE#01908153 Buckingham Investments, Inc
Co-listed byErik Weiss • Buckingham Investments, Inc
Co-listed byErik Weiss • Buckingham Investments, Inc
Nearby Locations
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