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Travis Breton

travisbreton@gmail.com +1(760) 470-2752

Listed by Robert Stepp, DRE #01456379 • Keller Williams Realty Downey

$ 4,800,000

Est. payment | -/mo

7,531 Sqft Lot

Save

$ 4,800,000

Est. payment | -/mo

Save

7,531 Sqft Lot

Key Details

Property Type Commercial

Listing Status Active

Purchase Type For Sale

MLS Listing ID CRPW26169956

Year Built 1912

Lot Size 7,531 Sqft

Source California Regional MLS

Property Description

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% incr

Location

State CA

County Los Angeles

Area 4 - Downtown Area, Alamitos Beach

Interior

Laundry Community Facility

Exterior

Garage Spaces 10.0

Pool None

Building

Water District - Public

Others

Tax ID 7281009008

Special Listing Condition Not Applicable

Nearby Locations

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(760) 470-2752

travisbreton@gmail.com

1902 Wright Place #200, Carlsbad, CA 92008, USA

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319 Elm Long Beach, CA 90802