#PW25048172, Charles Provenzano, Listing office: Vista Sotheby's Int'l Realty
1048 E 5th St Long Beach, CA 90802
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
Summary
- Garage Space: 5 spaces
- Private Pool: No
- List Price: $2,500,000
- 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.
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Last updated on: 7/7/2025, 8:45:33 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
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. Most families are single, no kids. Most residents in this area have high school diploma education.
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Frequently asked questions
About 1048 E 5th St
The listing price of 1048 E 5th St property is $2,500,000.
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 $2,500,000.
Long Beach, CA housing market in June 2025 saw over 73 listings sold above listed price, more than 33 sold at listed price and over 90 sold below. The inventory of homes for sale in Long Beach, CA between May and June 2025 increased by 4.8%. While the average time on the market in June 2025 was 34 days, the median list price was $836,224.