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248 E Artesia Boulevard, Long Beach, California 90805, Long Beach, 90805 - bed, bath

248 E Artesia Boulevard, Long Beach, California 90805 home-pic-0
ACTIVE$1,475,000
248 E Artesia Boulevard, Long Beach, California 90805
0Bed
0Bath
5,112Sqft
4,851Lot
Year Built
1963
Close
-
List price
$1.48M
Original List price
$1.48M
Price/Sqft
$289
HOA
-
Days on market
-
Sold On
-
MLS number
PW25250661
Home ConditionFair
Features
View-

About this home

We found 3 Cons,5 Pros.

This offering is a great opportunity to acquire an asset with a desirable unit mix and 16 percent rental upside at a 6.69 percent current cap rate. 248 East Artesia Boulevard is a 1963 construction two-story building with five two-bed/one-bath and two one-bed/one-bath units that are separately metered for gas and electricity. The building features copper plumbing and also offers on-site laundry and five tuck-under parking spaces. The property is located in North Long Beach proximate to the 91 and 710 Freeways and one block to Starr King Elementary. This area is a strong rental submarket with consistently low vacancy rates. 248 East Artesia Boulevard is offered as part of a portfolio sale along with 228 East Artesia Boulevard, a six-unit building just six parcels away. Properties may be acquired separately or together.

Price History

Date
Event
Price
10/30/25
Listing
$1,475,000
04/14/14
Sold
$742,500
08/13/04
Sold
$735,000
10/12/01
Sold
$275,000
05/25/99
Sold
$227,000
Condition Rating
Fair
Built in 1963, the property is over 60 years old. While it benefits from updated copper plumbing and the interior image shows relatively new laminate flooring, there are no details or images of the kitchens or bathrooms. The listing explicitly mentions 'unspecified unit interior condition' and potential renovation costs, suggesting these critical areas are likely outdated and require significant updates. The exterior also appears dated. Overall, the property is aged but has received some maintenance and minor updates, indicating major components are functional but show signs of being outdated.
Pros & Cons

Pros

Strong Financial Performance & Upside: The property offers a compelling 6.69% current cap rate and a significant 16% rental upside, indicating strong immediate profitability and growth potential for investors.
Desirable Unit Mix & Operational Efficiency: Comprising five 2-bed/1-bath and two 1-bed/1-bath units, the property features a sought-after unit mix. All units are separately metered for gas and electricity, reducing owner utility expenses.
Key Infrastructure & Tenant Amenities: Equipped with modern copper plumbing, on-site laundry facilities, and five valuable tuck-under parking spaces, enhancing tenant convenience and property longevity.
Prime Rental Market Location: Located in North Long Beach, the property boasts excellent accessibility to the 91 and 710 Freeways, proximity to Starr King Elementary, and is situated in a strong rental submarket with consistently low vacancy rates.
Scalability/Portfolio Opportunity: The property is offered as part of a portfolio sale, providing a strategic acquisition opportunity for investors looking to expand their real estate holdings.

Cons

Building Age & Potential Capital Expenditures: Constructed in 1963, the property may require future capital expenditures for major systems (e.g., roof, windows, common areas) or unit renovations to maintain competitiveness and fully realize rental upside.
Limited On-Site Parking: With only five tuck-under parking spaces for seven units, two units lack dedicated on-site parking, which could be a minor inconvenience for tenants and potentially impact desirability.
Unspecified Unit Interior Condition: While a 16% rental upside is projected, the description does not detail the current interior condition of the units, implying potential renovation costs might be necessary to achieve the stated rental growth.

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