16 38th Pl, Long Beach, CA 90803

Property Overview

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16 38th Pl is a 7-unit multifamily investment located in a coastal Long Beach rental pocket, delivered 100% vacant and offering immediate lease-up upside with a clear path to stabilized NOI growth. Built in 1962, the 5,473-square-foot building sits on a 5,259-square-foot lot and features a highly functional unit mix of (4) 1-bedroom / 1-bath units and (3) 2-bedroom / 1-bath units, supporting broad tenant appeal and efficient operations.

The property is subject to rent control; however, full vacant delivery allows a new owner to establish a clean, market-based rent roll from day one, eliminating turnover delays and execution friction. Additional income upside is supported by 10 on-site parking spaces and laundry income, enhancing effective gross income and long-term cash flow durability.

Offered at $3,900,000 ($557,143 per unit / $712.59 per square foot), the asset underwrites to a 5.55% cap rate and 12.75 GRM at stabilization, presenting a compelling opportunity to acquire a well-located Long Beach multifamily asset with immediate control, strong income fundamentals, and durable resale appeal.

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Key Property Details

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• ‍Location: 16 38th Pl, Long Beach, CA 90803
• ‍Lot Size: 5,259 square feet
• ‍Total Building Area: 5,473 square feet
• ‍Units: 7 Total Units
• ‍Unit Mix: (4) 1BR / 1BA, (3) 2BR / 1BA
• ‍Zoning: R-4-R
• ‍Year Built: 1962
• ‍Rent Control: Yes
• ‍Parking: 10 On-Site Spaces
  

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Investment Highlights

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• 100% Vacant Delivery:
  The property is delivered fully vacant, allowing a buyer to immediately execute lease-up, set market rents, and establish a clean rent roll without waiting for natural turnover or tenant negotiations.
• Immediate Lease-Up & Stabilization Upside:
  With no in-place tenancy, investors can stabilize occupancy quickly and transition the asset from vacant to performing early in the hold period, accelerating NOI growth.
• Ancillary Income Through Parking & Laundry:
  Ten on-site parking spaces and laundry income provide simple, non-capital-intensive revenue levers that strengthen effective gross income and support higher stabilized cash flow.
• Efficient Expense Profile:
  Operating expenses underwrite at approximately 27% of EGI, allowing income growth to translate efficiently into NOI through disciplined operational oversight.
• Durable Coastal Long Beach Rent Demand:
  The 1BR / 2BR unit mix aligns with long-term renter demand in coastal Long Beach, supporting stable occupancy and resilient cash flow across market cycles.
• Stabilized Exit Value Creation:
  By executing lease-up and demonstrating consistent NOI performance, the asset is positioned for improved resale appeal as a stabilized, predictable cash-flow investment.

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Neighborhood and Accessibility

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Situated in a coastal Long Beach location, 16 38th Pl benefits from strong rental demand driven by proximity to employment centers, lifestyle amenities, and limited new multifamily supply. The surrounding area supports durable occupancy fundamentals and long-term rental stability, making the property well-positioned for sustained income performance and appreciation over time.

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For more information and to schedule a viewing, please contact:

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Taylor Avakian

Founder, The Group CRE

First Vice President, Lyon Stahl