Prime Investment Opportunity: Entitled 11-Unit Development with Existing Cash Flow in Long Beach This is a rare and highly attractive opportunity to acquire a stabilized 6-unit multifamily property situated on an oversized lot already entitled for an additional 5 units—bringing the total future unit count to 11 units. Upon completion, the project is projected to be valued at over $6,000,000, making this a compelling investment with significant upside potential. Key Highlights: Turnkey Existing Units: 5 of 6 units fully renovated with brand-new systems throughout the property, ensuring minimal immediate capital expenditures. Unit Mix (Existing 6 Units): (4) 1 Bed / 1 Bath (1) 2 Bed / 1 Bath (1) 2 Bed / 2 Bath Entitled 5 Additional Units: Development-ready plans for modern units: (2) 3 Bed / 2 Bath units with grade-level parking (3) 4 Bed / 3 Bath townhome-style units, also with grade-level parking Financial Performance: Stabilized Gross Income: Projected to generate nearly $37,000 per month upon full build-out. Strong Cap Rate: Stabilized at a 6.75% Cap Rate on cost. Attractive GRM: Achieves a 10.74 GRM on cost, underscoring strong investment fundamentals. Significant Profitability: Projected end value exceeds $6,000,000, providing exceptional upside in one of Long Beach’s hottest rental markets. Conservatively underwritten profits of $1.2M+ make this an ideal low-risk, high-reward investment. Strategic Investment Benefits: Immediate Cash Flow: Benefit from consistent cash flow during the development process with income from the stabilized 6 existing units. Low-Risk Development Play: Existing units offset holding costs, while entitled plans minimize entitlement risk. High-Demand Location: Situated in Long Beach, a thriving rental market with strong tenant demand and long-term appreciation potential. This property offers the best of both worlds: stable cash flow today and exceptional upside tomorrow. With a clear path to development and substantial projected returns, this is an opportunity that investors and developers alike will not want to miss.
Property Details
Property Features
Property Information:
Year Built: 1915
Stories: 2
Listing Office:
Office Name: EXP REALTY OF CALIFORNIA INC
Office Email: agentjennifermendoza@gmail.com
Listing Agent: JENNIFER MENDOZA
Exterior Features
Exterior Information:
Private Pool: No
Parking Information:
Garage Space: 5 spaces
Lot Features
Lot Information:
Lot Size: 0.34 Acres
Other
Directions Information:
Directions: Alamitos and 5th
Price Information
Listing Price Info
Price Summary:
List Price: $2,750,000
Tax Information:
Annual Amount: $2,988
Tax Year: 2021
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Housing Market Comparison
See how this home compares to others in Long Beach, CA.
This property is $1.9M more than the Median Sold Price in Long Beach, CA.
Based on homes sold in the last 12 months
MLS Details
MLS Information:
MLS Name: CRMLS
MLS Number: #IV24250595
Listing Office:
Office Name: EXP REALTY OF CALIFORNIA INC
Office Email: agentjennifermendoza@gmail.com
Listing Agent: JENNIFER MENDOZA
Based on information from California Regional Multiple Listing Service, Inc. 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. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
The information being provided by California Regional Multiple Listing Service, Inc. (“CRMLS”) is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Any information relating to a property referenced on this web site comes from CRMLS. Properties may or may not be listed by the office/agent presenting the information. Real estate listings held by brokerage firms other than this broker are marked with the Internet Data Exchange logo and detailed information about them includes the names of the listing brokers and listing agents. MLS search engine provided by IHR Technology Services. This data is updated every 2 hours. Some properties appearing for sale on this display may subsequently have sold and may no longer be available. Data displayed may be a portion of, and not a complete set of all listings published in the MLS. Last updated on: 12/17/2024, 11:55:58 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
Property Sales & Tax
Listing History
DATE
EVENT
PRICE
Sep 08, 1995
Sep 08, 1995Home Sold
$100,000
Nov 17, 1994
Nov 17, 1994Home Sold
$198,000
Tax History
YEAR
PROP. TAX
ASSESSMENT
2021
$2,988
$153,690
2020
$2,946
$151,877
2019
$2,773
$148,900
2018
$2,744
$145,982
2017
$2,744
$143,121
History based on county public records data.
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Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
We're sorry, we currently don't have assigned school data for this listing.
Nearby Schools
5
/10
Robert Louis Stevenson Elementary School
515 Lime Ave
Distance between this listing and this school0.31 miles
Public District Grades KG-5
6
/10
Lincoln Elementary School
1175 E 11th St
Distance between this listing and this school0.59 miles
Public District Grades KG-5
5
/10
Oropeza Elementary School
700 Locust Ave
Distance between this listing and this school0.72 miles
Public District Grades KG-5
Nearby Schools
4
/10
Franklin Classical Middle School
540 Cerritos Ave
Distance between this listing and this school0.09 miles
Public District Grades 6-8
3
/10
Washington Middle School
1450 Cedar Ave
Distance between this listing and this school1.25 miles
Public District Grades 6-8
4
/10
Jessie E. Nelson Academy
1951 Cherry Ave
Distance between this listing and this school1.50 miles
Public District Grades 6-8
Nearby Schools
5
/10
Renaissance High School for the Arts
235 E 8th St
Distance between this listing and this school0.72 miles
Public District Grades 9-12
1
/10
Clear Passage Educational Center
1471 Martin Luther King Jr Ave
Distance between this listing and this school0.83 miles
Public Charter Grades 9-12
6
/10
Polytechnic High School
1600 Atlantic Ave
Distance between this listing and this school1.03 miles
The neighbors living near this home have an average income of $22,233. Residents of Long Beach, CA typically earn less than $35k each year. Most families are single, no kids. Most residents in this area have high school diploma education.
All data provided by Home Junction and Claritas
Frequently Asked Questions About 1048 E 5th St
What is the listing price of this property?
The listing price of 1048 E 5th St property is $2,750,000.
What type of property is this?
The property 1048 E 5th St is a condo located in Long Beach, California, 90802.
Is this property for sale now?
Active Listing: 1048 E 5th St is For Sale (Active/New) which means the seller is accepting offers.
What is the annual property tax for this property?
According to the records, the last property tax for 2021 is $2,988 (source: MLS/based on county public records data).
When was this property sold last time and for how much?
The last sale was on September 8, 1995 for $100,000. (source: MLS/tax record).
Which year was this property built?
The year of construction for 1048 E 5th St is 1915.
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This home is located at 1048 E 5th St in Long Beach, CA and zip code 90802 in the The Harbor neighborhood. This home, which was built in 1915, sits on a 0.34 acre lot. It has been listed on Rocket Homes since December 17, 2024 and is currently priced at $2,750,000.
In November 2024 more than 66 listings in Long Beach, CA were sold above the asking price. During the same period more than 32 listings were sold at asking price, while more than 64 were sold below. The inventory of homes for sale in Long Beach, CA between October 2024 and November 2024 decreased by 10.6%. In November 2024 median list price was $825,128 and the average listing age was 35 days.
From Rocket Homes Real Estate and based on county public records data.
Based on information from California Regional Multiple Listing Service, Inc. 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. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. 
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