Property Overview
2212 E 15th St is an eight-unit multifamily property in Eastside Long Beach, offered at $1,775,000. The units sit in a front and back building built in 1960. The offering is a stabilized-yield opportunity: a 7.13% cap rate on scheduled rents at $221,875 per unit. That entry basis is increasingly difficult to source in coastal Los Angeles County.
All eight units are two-bedroom, one-bath floor plans averaging 657 SF. Six are occupied at an average rent of $1,962 per month, and four of those six are already at the $1,995 market rent. Units 1 and 2 are delivered vacant, which gives the incoming owner direct control over lease-up and the option to complete interior upgrades before re-leasing.
The property is subject to California’s Tenant Protection Act (AB 1482). In-place rents can rise by up to 5% plus regional CPI each year, capped at 10%, and rents reset to market at each vacancy, starting with the two vacant units. The property also has eight on-site parking spaces at a 1:1 ratio, an existing RUBS program that recovers 55% of utility costs, and total expenses at 35.09% of EGI. 2212 E 15th St is a day-one income asset with an immediate lease-up opportunity built in.
Key Property Details
Investment Highlights
Neighborhood and Accessibility
2212 E 15th St sits in Eastside Long Beach, between the Cherry Avenue corridor and Zaferia, one of the city’s most established neighborhood districts. Anaheim Street, a few blocks south, has local restaurants, coffee shops, and independent boutiques. Pacific Coast Highway, just north, puts daily-needs retail and multiple bus lines within walking distance. Big-box shopping is a short drive up Cherry Avenue in Signal Hill, including Towne Center East (The Home Depot, PetSmart) and the adjacent Costco at Willow Street.
Cherry Avenue connects residents to Downtown Long Beach, the beach, and the I-405. Long Beach Airport and its employment hub are roughly two miles away. Access to the region’s major job centers (Downtown Long Beach, the Port of Long Beach, and the airport district) sustains renter demand across income levels. As a largely built-out infill submarket with limited land for new multifamily, Eastside Long Beach keeps its existing rental stock well-occupied. That makes small, parked, two-bedroom properties a durable product type for long-term income and appreciation.
For more information and to schedule a viewing, please contact:
Taylor Avakian
Founder, The Group CRE
First Vice President, Lyon Stahl
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