285-295 Cerritos Ave, Long Beach

This beautifully remodeled 8-unit property (comprised of 7 traditional units and 1 brand-new ADU) offers a strong 6.2% cap rate on actuals and is located just three blocks from the beach in the heart of Alamitos Beach. With a 10.6x gross rent multiplier (GRM) on current income and a projected 9% rental upside, the GRM could improve to 9.7x with a market cap rate of 6.9%. The property is made up of two buildings: the corner building features four spacious 900 square foot units, with 2-bedroom floor plans on the upper level and large 1-bedroom layouts on the ground level. The second building includes a newly constructed (2025) 2-bed/1-bath ADU, two studios, and a generous 1-bed/1-bath unit.

All interiors have been fully remodeled since 2022, including a new electrical panel in the 285 building, and the exterior has just undergone a complete refresh with fresh paint and upgrades that enhance curb appeal. The property sits on a large 8,546 square foot corner lot with five parking spaces. Its prime location places residents just two blocks from Downtown Long Beach’s East Village Arts District, surrounded by vibrant restaurants, retail, and entertainment options. With over $8 billion in new development in the immediate area and 63% of households within five miles being renters with average incomes over $98,000 (according to CoStar), this is a rare investment opportunity in a highly desirable rental market.