1883 Pine Ave, Long Beach

South Wrigley 8-Unit Turnkey Multifamily Property Built in 1979 with two new ADUs added in 2025, this stabilized, meticulously maintained 8-unit property in the desirable South Wrigley neighborhood offers a rare investment opportunity. The building features (4) updated 2-bedroom units (2) updated 1-bedroom units and (2) modern 2-bedroom ADUs, all in excellent condition. The main building’s units have been fully renovated with new cabinetry, countertops, ceramic tile and laminate flooring, appliances, electrical, plumbing, finish carpentry, hardware, interior/exterior doors, windows, and fresh paint inside and out. The 2025-built all-electric, separately metered ADUs include in-unit laundry and dedicated split-unit air conditioners for added tenant comfort. Six rear garages were converted into the ADUs, with (4) parking spaces retained behind the building. The property also boasts a 2024-installed roof, upgraded block wall/fencing, and a new parking gate, all completed with permits. The main building units are also separately metered for gas and electricity. Priced attractively at a sub-10.5X GRM and a 6.2% cap rate, this turnkey property is located on a charming, tree-lined residential street with head-in parking. It’s less than a mile from the 710 Freeway, under 2 miles from the 405, and just 2 miles north of the beach, offering unmatched convenience and appeal.

Property Details

Units: 8
Gross Rent Multiplier: 10.46
Cap Rate: 6.2

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Price

$2,095,000

Annual Income

$196,620

Annual NOI

$132,073

Annual Expense

$58,316

Rental Cost Details

# OF UNITS	# OF BEDROOMS	# OF BATHS	ACTUAL RENT	TOTAL RENT	PRO FORMA	TOTAL PRO FORMA
1	2	1	$2,150	$2,150	$2,150	$2,150
1	2	1	$2,150	$2,150	$2,150	$2,150
1	1	1	$1,795	$1,795	$1,800	$1,800
1	2	1	$2,150	$2,150	$2,150	$2,150
1	2	1	$2,150	$2,150	$2,150	$2,150
1	1	1	$1,795	$1,795	$1,800	$1,800
1	2	1	$2,095	$2,095	$2,100	$2,100
1	2	1	$2,100	$2,100	$2,100	$2,100
TOTAL # OF UNITS	TOTAL # OF BEDROOMS	TOTAL # OF BATHS		GRAND TOTAL RENT		GRAND TOTAL PRO FORMA
8	14	8		$16,385		$16,400

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