245 E Artesia,Long Beach, CA 90805
Long Beach, CA 90805
Description
245 E. Artesia Boulevard presents the opportunity to acquire a well- maintained 5-unit multifamily asset with significant upside through future ADU development in a centrally located Long Beach neighborhood with convenient regional access. The property combines spacious floorplans, strong existing cash flow, and clear value-add potential, creating a compelling opportunity for both investors and potential owner/users. The property offers an attractive unit mix including (1) 3BD/2BA unit and (4) 2BD/2BA units, appealing to a broad tenant base seeking larger residential floorplans rarely found in today's multifamily inventory. Units are bright and spacious, averaging approximately 1,287 square feet, providing a more residential living experience compared to typical apartment product in the area. The 3BD/2BA unit features dramatic high beam ceilings and an in-unit washer and dryer, further enhancing rental appeal and potential owner/user functionality. The property has undergone extensive interior improvements, including updated flooring and paint throughout all units. Additional capital improvements include a newer roof approximately three years old and partially updated electrical systems, helping reduce near-term capital expenditure requirements and supporting operational stability. Ownership also benefits from ancillary laundry income through owned on-site machines, while seven (7) garages provide additional parking income and further enhance tenant convenience and property functionality. A key component of the investment opportunity is the property's future ADU development potential. Plans have been approved for the addition of two new 2BD/1.5BA ADU units, providing investors with a clear path to materially increase future income by approximately $60,000 annually. The ability to add density while leveraging the property's existing infrastructure creates a rare opportunity to substantially increase long-term cash flow and overall asset value. The property benefits from exceptional regional connectivity with convenient access to the 710, 91, 105, and 405 Freeways, allowing tenants efficient commuter access throughout Los Angeles and Orange County employment centers. The location also provides convenient proximity to Long Beach Airport, major retail corridors, dining amenities, and everyday neighborhood services, supporting long-term tenant demand and occupancy stability.
Details
| MLS # | PW26138649 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active Under Contract |
| Year | 1968 |
| Days On Site | 119 |
| Listing Provided By | Keller Williams Realty Downey | Robert Stepp |
Features
| SQ Feet | 6,437 |
|---|---|
| Garage | 7 |
| Story(s) | 2 |
| Units | 5 |
| Building(s) | 1 |
| Acreage | 0.17 |
Interior
| Appliances | Dryer, Washer |
|---|
Exterior
| Lot Features | Two To Five Units Acre |
|---|
Parking
| Garage Yes / No | Yes |
|---|
Utilities
| Sewer | Public Sewer |
|---|
Location
| Community Features | Sidewalks |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Long Beach |
| Zip Code | 90805 |
| Area | 7 North Long Beach |
| Community Name | North Long Beach (NLB) |
| Listing VS Median (in North Long Beach (NLB)) | |
Price: $1,695,000 low | high Med: $690,000 sqft: 6,437 low | high Med: 1,102 $ / sqft: $263 low | high Med: $626 On site: 119 low | high Med: 31.5 | |
Market Activity 90805
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Long Beach |
| Zip Code | 90805 |
| Area | 7 North Long Beach |
| Community Name | North Long Beach (NLB) |
| Listing VS Median (in North Long Beach (NLB)) | |
Price: $1,695,000 low | high Med: $690,000 sqft: 6,437 low | high Med: 1,102 $ / sqft: $263 low | high Med: $626 On site: 119 low | high Med: 31.5 | |