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Patricia Beattie

patricia@brivio.com +1(415) 286-8292

$4,800,000

Est. payment - /mo

7,531 Sqft Lot

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UPDATED:

Key Details

Property Type Single Family Home, Multi-Family

Sub Type Mixed Use

Listing Status Active

Purchase Type For Sale

Subdivision East Village

MLS Listing ID PW26169956

HOA Y/N No

Year Built 1912

Lot Size 7,531 Sqft

Property Sub-Type Mixed Use

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% increase in cash flow at no change in basis.

Location

State CA

County Los Angeles

Area 4 - Downtown Area, Alamitos Beach

Interior

Fireplace No

Laundry Common Area

Exterior

Pool None

Community Features Sidewalks

Total Parking Spaces 10

Private Pool No

Building

Lot Description 21-25 Units/Acre

Story 3

Sewer Public Sewer

Water Public

New Construction No

Others

Senior Community No

Tax ID 7281009008

Energy Description 5025.0

Acceptable Financing Cash, Cash to New Loan, 1031 Exchange

Listing Terms Cash, Cash to New Loan, 1031 Exchange

Special Listing Condition Standard

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Listed by Robert Stepp Keller Williams Realty Downey 310-463-2916, DRE #01456379

Nearby School & Business

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Patricia Beattie

+1(415) 286-8292

Broker | License ID: 01405369

Broker License ID: 01405369

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319 Elm Long Beach, CA 90802

Patricia Beattie

Key Details

Location

Interior

Exterior

Building

Others

Nearby School & Business

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