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… Read More 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. Read Less
Property listed by Compass, Kacey Taormina 714-323-3200
Listing Snapshot
Days Online
10
Last Updated
Property Type
Apartment
Lot Size
0.17 Acres
Year Built
1929
MLS Number
NP25096923
Additional Details
Building
Built in 1929, Building area total: 5,272, 2 buildings, Common walls: NoCommonWalls
Community
Sidewalks
Expenses
Electric expense: $1,500, Gardener expense: $1,440, Insurance expense: $7,908, Operating expense: $40,758, Water sewer expense: $1,740
Garage
4 spaces
Income
Gross income: $123,228, Net operating income: $78,774
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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