#PW25108543, Matthew Martin, Listing Office: Coastal Oak Property Managemen
$2,650,000 List price
1048 E 5th St Long Beach, CA 90802
0.3 acres
Condo
Property details
About 1048 E 5th St
***PRICE IMPROVEMENT***Prime Investment Opportunity with FULLY APPROVED PLANS RTI***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. 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: FULLY APPROVED PLANS RTI - (2) 3 Bed / 2 Bath units with grade-level parking (3) 4 Bed / 3 Bath townhome-style units, also with grade-level parking. 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. 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. Benefit from consistent cash flow during the development process with income from the stabilized 6 existing units. Existing units offset holding costs, while entitled plans minimize entitlement risk. 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. ***OWNER FINANCING OPTIONS***LET'S GET CREATIVE***
Highlights
Home typeCondominium
StatusActive
Lot size0.3414 Acres
Year built1915
MLS #IV24250595
Garage5 spaces
Summary
- Garage Space: 5 spaces
- Private Pool: No
- List Price: $2,650,000
- HOA Amount: $0
- Annual Tax Amount: $22,546
- Tax Year: 2024
- Directions: Alamitos and 5th
- Year Built: 1915
- Stories: 2
- Lot Size: 0.3414 Acres
- MLS Number: IV24250595
- MLS Name: CRMLS
- 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: 5/31/2025, 9:20:29 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
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$2,650,000
1048 E 5th St
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Price information
Property sales
| Date | Event | Price |
|---|---|---|
| Feb 25, 2022 | Home Sold | $1,600,000 |
| Sep 08, 1995 | Home Sold | $100,000 |
| Nov 17, 1994 | Home Sold | $198,000 |
Tax history
| Year | Assessment | Property Tax |
|---|---|---|
| 2024 | $1,664,880 | $22,546 |
| 2023 | $1,632,240 | $22,148 |
| 2022 | $156,758 | $3,087 |
| 2021 | $153,690 | $2,987 |
| 2020 | $151,877 | $2,946 |
| 2019 | $148,900 | $2,773 |
| 2018 | $145,982 | $2,743 |
| 2017 | $143,121 | $2,743 |
History based on county public records data.
Nearby schools
5
Robert Louis Stevenson Elementary School
Public District KG-5
0.3 mi
•515 Lime Ave
6
Lincoln Elementary School
Public District KG-5
0.6 mi
•1175 E 11th St
5
Oropeza Elementary School
Public District KG-5
0.7 mi
•700 Locust Ave
School ratings are a score out of 10, where 10 is the highest and 1 is the lowest.
Neighborhood
The neighbors living near this home have an average income of $22,233. Typical income of Long Beach, CA residents is less than $<35k annually. The most common type of family is single, no kids. The majority of residents in this area have high school diploma education.
How much money do the neighbors make?
65%
<35k
33%
35k-100k
3%
100k-200k
0%
200k+
What level of education do the neighbors have?
High School Diploma
Post Secondary Degree
Doctorate
What types of families live nearby?
50%
Single, No Kids
24%
Single, with Kids
6%
Married, No Kids
20%
Married, with Kids
Are the neighbors home owners or renters?
Home Owners
Renters
How old are people in this area?
20%
<11 yrs old
11%
12-17 yrs old
33%
18-34 yrs old
33%
35-64 yrs old
3%
65+ yrs old
What do the neighbors do for fun?
Pro Boxing
Mexican League Soccer
Major League Soccer (MLS)
Where do the neighbors shop?
H&M
Foot Locker
Burlington
Where do the neighbors go to eat?
Boston Market
Little Caesars
White Castle
What do the neighbors drive?
Honda
Dodge
Kia
What do the neighbors listen to?
Rhythmic Contemporary Hits
Urban Adult Contemporary
Jazz
All data provided by Home Junction and Claritas
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Frequently asked questions
About 1048 E 5th St
The listing price of 1048 E 5th St property is $2,650,000.
The property 1048 E 5th St is a condo located in Long Beach, California, 90802.
Active Listing: 1048 E 5th St is For Sale (Active/New) which means the seller is accepting offers.
The nearby schools for 1048 E 5th St are: Robert Louis Stevenson Elementary School (GreatSchools Rating 5/10), Lincoln Elementary School (GreatSchools Rating 6/10), Oropeza Elementary School (GreatSchools Rating 5/10), Franklin Classical Middle School (GreatSchools Rating 4/10), Washington Middle School (GreatSchools Rating 3/10), Jessie E. Nelson Academy (GreatSchools Rating 4/10), Renaissance High School for the Arts (GreatSchools Rating 5/10), Clear Passage Educational Center (GreatSchools Rating 1/10), Polytechnic High School (GreatSchools Rating 6/10).
According to the records, the last property tax for 2024 is $22,546 (source: MLS/based on county public records data).
The last sale was on February 25, 2022 for $1,600,000 (source: MLS/tax record).
The property at 1048 E 5th St has 0 bathroom.
The year of construction for 1048 E 5th St is 1915.
This home is located at 1048 E 5th St in Long Beach, CA and zip code 90802 in the The Harbor neighborhood. Features: 0 bathroom. It has been listed on Rocket Homes since December 17, 2024 and is currently priced at $2,650,000.
Over 70 listings were sold over their listed price in April 2025 in Long Beach, CA. In the same period over 65 listings were sold below the listed price and 38 listings were sold for the listed price. The number of homes for sale in Long Beach, CA increased by 7.6% between March and April 2025. In April 2025, listings were on the market for 33 days. During the same period, the median list price in this real estate market was $839,980.
From Rocket Homes Real Estate and based on county public records data.