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16 38th Pl
For Sale $3,800,000 ($888.89 per Sq Ft)
$3,800,000 ($888.89 per Sq Ft)
- 7 Units
- 4,275 Sq Ft
- 5,257 Sq Ft
- Unknown Cap Rate
Description
16 38th Pl | 7-Unit Multifamily in Coastal Long Beach. Built in 1962, the property totals 5,473 SF and presents a rare opportunity to acquire a seven-unit asset delivered 100% vacant, allowing a new owner to immediately execute a full lease-up strategy and establish a clean market-based rent roll from day one. The offering features a desirable unit mix of (4) one-bedroom / one-bath units and (3) two-bedroom / one-bath units, supported by 10 on-site parking spaces that create additional ancillary income potential. Underwritten market rents average approximately $3,536 per unit, supporting a projected stabilized NOI of roughly $209K annually. Offered at $3,800,000 ($542,857/unit | $694.32/SF) with a 5.51% cap rate and 12.79 GRM, the asset provides investors a clear path to stabilization and long-term value creation in a highly desirable coastal Long Beach rental corridor.
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Amenities
Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt
Property Details
| List Price | $3,800,000 |
| Property Type | Multi-Family |
| Usable Sqft | 4,275 |
| Number of Stories | 0 stories |
| Parking Spots | 0 spots |
| Year Built | 1962 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| APN # | 7256001023 |
| MLS # | 26643731 |
| Property ID | 320140908 |
| Lot Sqft | 5,257 |
| Zoning | LBR4R |
| Total Units | 7 |
| Days on Market | 135 |
| Original List Price | $3,900,000 |
| Date Updated | March 10, 2026 |
| Date Created | February 01, 2026 |
| Unit # | Beds | Baths | Current Rent | Proforma Rent |
| Unit #1 | 1 | 1.00 | $4,500 | $4,500 |
| Unit #2 | 1 | 1.00 | $3,000 | $9,000 |
| Unit #3 | 2 | 1.00 | $4,000 | $12,000 |
| Gross Income (Yr) | $ 297,000 |
| Operating Expenses | $ 78,780 |
| Net Income (Yr) | $ 209,370 |
| Cap Rate | 5.51% |
Listing Provided By
Taylor Avakian an agent of Lyon Stahl Investment Real Estate, Inc.. Lic #02060040
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