1059 Gladys, Long Beach, CA 90804

Property Description

1059 Gladys Avenue presents the opportunity to acquire a 12-unit multifamily property in popular Eastside Long Beach. The property offers all 1BD/1BA units (two are renovated) with on-site laundry facilities. Electricity is separately metered, while gas is master-metered with one water heater. The assumable financing is particularly compelling: approximately $1.451 million at a fixed 3.57% interest rate, representing roughly 63% LTV and fully amortizing over the remaining loan term. Annual debt service is ~$78,870. In the current interest-rate environment, this low cost of debt is a significant investment advantage. At the $2.295 million asking price, the property produces approximately $126,809 in current NOI, equating to a 5.53% current cap rate. Because the going-in cap rate is substantially higher than the 3.57% mortgage rate, investors benefit from meaningful positive leverage. After debt service, the property is projected to generate approximately $47,939 in annual pre-tax cash flow, providing a 5.68% current cash-on-cash return on the approximately $844,000 down payment. Eastside Long Beach is a well-established and highly desirable rental neighborhood, offering residents a compelling combination of walkability, affordability and proximity to the city's coastal lifestyle a