1036 Saint Louis Ave

1036 Saint Louis Ave is a 9-unit, low-rise garden-style multifamily offering in Long Beach (90804) featuring an exceptional large-unit mix: (1) 3BD/2BA, (6) 2BD/1BA, and (2)1BD/1BA across approximately 6,770 SF (built 1963). The property has seen meaningful upgrades from 2021–2025, with 3 of 9 units fully renovated and additional value-add remaining through continued interior renovations and rent growth.

The investment is supported by recent, tangible capital improvements totaling ~$129K, including a new 400-amp main electrical panel (2025), partial main sewer line replacement (2025), SB 721 balcony compliance/repair work (2025), roof repairs with a 3-year warranty (2024), and multiple unit remodels (2022–2025). Operationally, the building offers (4) on-site garages, tenant-paid electricity/gas (separately metered), and a landlord-paid water/sewer/trash setup—helping keep the expense structure straightforward.

At the $2,395,000 offering price, the property is positioned as a strong in-place performer with a clear runway: approximately a 6.23% current cap rate and 10.46 GRM on current rents, with a projected ~7.42% cap rate at market rents driven by roughly 13%+ rental upside as remaining units are renovated and rents are brought in line with pro forma levels. Additionally, the asset is not subject to local rent control (subject to statewide AB 1482), providing a more flexible path to capturing upside while maintaining durable tenant demand for larger floorplans in this Long Beach rental pocket.