About This Home
This 1-bedroom, 2-bathroom commercial at 319 Elm in Long Beach, CA is listed for $4,800,000. Built in 1912, on a 0.17 acres lot.
Key Features
- Built in 1912
- 0.17 acre lot
- 3 stories
- 10 parking spaces
Property Details
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.
Monthly Cost Estimate
$25,671/mo
20% down · 6.5% · 30 years
Estimates only. Actual payments may vary.
Location
319 Elm
Long Beach, CA 90802
Other (OTHR)
Questions & Answers
This 1-bedroom, 2-bathroom commercial at 319 Elm is listed at $4,800,000. The estimated monthly payment is $25,671 based on 20% down, a 30-year loan at 6.5% interest, estimated insurance.
Key features include: Built in 1912, 0.17 acre lot, 3 stories, 10 parking spaces.
This property is listed by Robert Stepp and can be reached at 3104632916.
