$10,000 Closing Credit¹
#SB24178968, Jack Bliss, Listing Office: J & P Realty
1048 E 5th St Long Beach, CA 90802
$2,750,000 List price
0.3 acres
Condo
Property details
About 1048 E 5th St
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.
Highlights
Home typeCondominium
StatusActive
Lot size0.3414 Acres
Year built1915
MLS #IV24250595
Garage5 spaces
Summary
- 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: 2/12/2025, 11:20:52 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
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$2,750,000
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. The majority of Long Beach, CA residents have income less than $<35k annually. Typical family type is single, no kids. Most 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
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 $2,750,000.
Long Beach, CA housing market in January 2025 saw over 63 listings sold above listed price, more than 35 sold at listed price and over 53 sold below. Between December and January 2025, Long Beach, CA real estate market has seen increase in the number of listings by 5.6%. While the average time on the market in January 2025 was 42 days, the median list price was $825,147.
From Rocket Homes Real Estate and based on county public records data.