Description
319 Elm Street is a 24-unit multifamily asset located in Long Beach’s East Village Arts District, a dense and walkable Downtown submarket known for its consistent renter demand and proximity to employment, transit, and lifestyle amenities. The property is comprised of eighteen (18) studio units and six (6) one-bedroom/one-bath units, offering an efficient small-unit mix aligned with the area’s tenant profile. Furthermore, ten (10) on-site parking spaces represent a rare, meaningful amenity in a submarket where parking remains constrained. The seller has invested over $900,000 in capital improvements, including comprehensive electrical upgrades throughout the building, unit renovations, keyless entry on all units, common area enhancements, and exterior improvements. The completion of these upgrades, combined with separately metered utilities, supports a more efficient and predictable operating profile with limited near-term capital requirements. 319 Elm Avenue is priced at a 6.42% cap rate and 10.06 GRM in place, with a clear runway to grow. As rents move to market and RUBS is implemented, the property stabilizes at a 7.28% cap rate and 9.20 GRMan 86-basis-point expansion in yield and a full point of GRM compression. That translates to $44,075 of additional annual NOI, a 14% increase in cash flow at no change in basis.
Details
| MLS # | PW26169956 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1912 |
| Days On Site | 27 |
| Listing Provided By | Keller Williams Realty Downey | Robert Stepp |
Features
| SQ Feet | 11,838 |
|---|---|
| Story(s) | 3 |
| Units | 24 |
| Building(s) | 1 |
| Acreage | 0.17 |
Exterior
| Lot Features | Twenty One To Twenty Five Units Acre |
|---|
Parking
| Garage Yes / No | No |
|---|
Utilities
| Sewer | Public Sewer |
|---|
Location
| Community Features | Sidewalks |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Long Beach |
| Zip Code | 90802 |
| Area | 4 Downtown Area | Alamitos Beach |
| Community Name | East Village |
| Listing VS Median (in East Village) | |
Price: $4,800,000 low | high Med: $2,799,500 sqft: 11,838 low | high Med: 7,071 $ / sqft: $405 low | high Med: $376 On site: 27 low | high Med: 21.5 | |
Market Activity 90802
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Long Beach |
| Zip Code | 90802 |
| Area | 4 Downtown Area | Alamitos Beach |
| Community Name | East Village |
| Listing VS Median (in East Village) | |
Price: $4,800,000 low | high Med: $2,799,500 sqft: 11,838 low | high Med: 7,071 $ / sqft: $405 low | high Med: $376 On site: 27 low | high Med: 21.5 | |
 | $4,400,000445 E 3rdLong Beach, CA 90802 |
 | $3,500,000235 LindenLong Beach, CA 90802 |