1503 Stanton Pl, Long Beach, CA 90804

Property Overview

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1503 Stanton Pl is a ten-unit multifamily property in the Zaferia neighborhood of Long Beach, offered at $2,375,000. Built in 1960 across a front and rear building on a 10,736 SF R-2-N lot, the property delivers a 7.13% cap rate at lease-up, 87 basis points above the 6.26% average among recent comparable sales reporting a cap rate.

All ten units are two-bedroom, one-bath floor plans averaging 671 SF. Eight units are occupied at an average rent of $2,008 per month against a $2,095 market rent, and Units 1 and 4 are delivered vacant. Subject to California’s statewide rent cap (AB 1482), the property lets the incoming owner capture market rents at each vacancy. RUBS income of $15,446 per year recovers roughly 73% of master-metered utility costs, and total expenses hold at 34.47% of EGI.

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Key Property Details

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• Price: $2,375,000
• Units: 10
• Unit Mix: (10) - 2+1
• Year Built: 1960
• Zoning: R-2-N
• Occupancy: 8 of 10 (Units 1 & 4 vacant)

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Investment Highlights

• Yield Above the Comp Set: At a 7.13% cap rate, the property outperforms every comparable sale reporting a cap rate (5.17% to 6.90%). The closest comp, 1332 Walnut Ave, traded at $238,778 per unit and a 6.70% cap, so 1503 Stanton Pl offers nearly the same basis with 43 basis points more yield.
• Two Vacant Units, Rents Set by the Buyer: Units 1 and 4 are delivered vacant, representing $4,190 per month ($50,280 annually) in scheduled rent at today’s market, with no buyouts or inherited leases.
• Built-In Upside Across the Rent Roll: Five of the eight occupied units rent 6.35% to 10.55% below market. As they turn over, NOI grows from $169,302 to $177,715 and the cap rate rises to 7.48%, with no renovation program required.
• RUBS Recovers 73% of Utility Costs: $15,446 in annual RUBS income offsets about 73% of the $21,050 utility expense. Expenses run $8,905 per unit and 34.47% of EGI.

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Neighborhood and Accessibility

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1503 Stanton Pl sits on a residential block in east-central Long Beach. The nearest shopping centers are a 6-minute walk, about 0.3 miles away. The property is within the Long Beach Unified School District, zoned for Lee Elementary School and Jefferson Leadership Academies. Its two-bedroom units draw families, roommates, and students, and advertised rents run 19% below the Long Beach average for a two-bedroom, which keeps the renter pool deep.

Long Beach City College is 1.2 miles away, and Cal State Long Beach is nearby; the two schools are among the region’s largest sources of rental demand. The Metro A Line’s Pacific Coast Highway Station is 1.7 miles away and Long Beach Airport is about 3.0 miles away. Little land remains for new multifamily construction in east-central Long Beach, which limits new supply and supports rent growth over the long term.

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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