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Listed by Robert Stepp, DRE #01456379 • Keller Williams Realty Downey
$ 4,800,000
Est. payment /mo
New
319 Elm Long Beach, CA 90802
7,531 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRPW26169956
Year Built 1912
Lot Size 7,531 Sqft
Source California Regional MLS
Property 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 GRM-an 86-basis-point expansion in yield and a full point of GRM compression. That translates to $44,075 of additional annual NOI, a 14% incr
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Interior
Laundry Community Facility
Exterior
Garage Spaces 10.0
Pool None
Building
Water District - Public
Others
Tax ID 7281009008
Special Listing Condition Not Applicable
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