3430 Elm Avenue, Long Beach, California 90807, Long Beach, - bed, bath

home-pic
ACTIVE$7,440,000
3430 Elm Avenue, Long Beach, California 90807
0Bed
0Bath
56,690Sqft
28,114Lot
Year Built
1964
Close
-
List price
$7.44M
Original List price
$7.44M
Price/Sqft
-
HOA
-
Days on market
-
Sold On
-
MLS number
OC25219794
Home ConditionFair
Features
Pool
Patio
View-

About this home

Back on the Market: This is a great opportunity for a buyer who can perform! There is only UPSIDE HERE! New Electrical on both buildings! Completed balcony inspections, upgrades throughout the large all 2 bed units! Do your own diligence! Under new management and priced to sell! Maintenance includes roof repairs 3430 and any necessary repairs to 3440. Discover an exceptional investment opportunity in Bixby with this well-maintained multi-family residential income portfolio. This portfolio presents an attractive opportunity consisting of 28 2-bedroom units, each offering 1.5 or 1.75 baths. Building 1: 3430 ELM AVENUE 12 units 2 bedrooms and 1.5 bath- Unit 5 and 12 are 2 bedrooms, 1 bath. Building 2: 3440 ELM AVENUE: 14 units all 2 bedrooms and 1.75 bath **Key Features:** - **Location:** Conveniently situated close to freeways and downtown Bixby, providing easy access to amenities and commuter routes. Atlantic and Wardlow, 405 Highway, Metrolink, and public transportation are available. They are close to hospitals, retail shopping centers, and parks. - **Unit Configuration:** All units are spacious 2-bedroom layouts, designed to appeal to a wide range of tenants seeking comfort and convenience. Units can be renovated to generate higher market rent. - **Maintenance:** Well-maintained buildings with recent updates. New Boiler in 3430, Resident Manager on-site. Newly updated units. - **Community Amenities:** Nearby parks, shopping, dining, and entertainment options enhance tenant satisfaction and attract potential renters. - **Parcel Details:** Comprising two separate parcels sold as one portfolio, providing flexibility and potential for future development or management strategies.

Price History

Date
Event
Price
09/25/25
Listing
$7,440,000
Condition Rating
Fair

The property was built in 1964, making it nearly 60 years old. While the description mentions 'new electrical,' 'new boiler,' and 'newly updated units,' the visual evidence suggests these updates are primarily cosmetic and functional, rather than extensive modern renovations. Kitchens feature basic white cabinets, laminate countertops, and a mix of newer (range) and older (refrigerator, some flooring) appliances. Bathrooms are clean but dated with basic vanities and older tile. Common areas and the building exterior also show their age. The phrase 'Units can be renovated to generate higher market rent' further indicates that while the property is maintained and livable, it requires more substantial updates to meet current market expectations for higher-end rentals. It is aged but maintained, with functional major components, but many aesthetic elements are outdated.
Pros & Cons

Pros

Significant Income-Generating Portfolio: Comprises 28 units across two buildings, offering substantial rental income potential and economies of scale for an investor.
Strategic Bixby Knolls Location: Highly desirable area with excellent access to major freeways (405), public transportation, downtown Bixby, and a wealth of local amenities including shopping, dining, and parks.
Recent Capital Improvements: Benefits from new electrical systems in both buildings, completed balcony inspections, a new boiler, and general unit upgrades, reducing immediate capital expenditure needs for core systems.
Desirable 2-Bedroom Unit Mix: All units are spacious 2-bedroom configurations, appealing to a broad tenant demographic and ensuring consistent demand.
Operational Efficiency & Flexibility: Features an on-site resident manager and is comprised of two separate parcels, offering streamlined management and potential for future strategic development or disposition.

Cons

Under-Market Rents / Renovation Required: Explicitly stated that units 'can be renovated to generate higher market rent,' indicating current rents are not maximized and significant capital investment may be needed to achieve full income potential.
'Back on the Market' Status: This suggests a previous transaction failed, which could imply underlying issues with the property, financing challenges, or other undisclosed factors requiring thorough investigation.
Age of Property (1964): While updates are mentioned, the 1964 construction year means potential for aging infrastructure or systems not explicitly covered by recent upgrades, necessitating comprehensive due diligence beyond stated improvements.

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