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473 E 55th Street, Long Beach, California 90805, Long Beach, 90805 - bed, bath

473 E 55th Street, Long Beach, California 90805 home-pic-0
ACTIVE$2,850,000
473 E 55th Street, Long Beach, California 90805
0Bed
0Bath
7,592Sqft
6,963Lot
Year Built
1962
Close
-
List price
$2.85M
Original List price
$3M
Price/Sqft
$375
HOA
-
Days on market
-
Sold On
-
MLS number
PW25148000
Home ConditionExcellent
Features
View-

About this home

We found 3 Cons,5 Pros.

Price reduction! 10 Renovated Non-Rent Controlled units cash flowing at an amazing Current Cap Rate of 6.25% from day 1! Large unit mix of 9 (2bed/1bath) units and 1 (1bed/1bath) unit including 2 brand-new attached ADUs. Most units boast updated cabinets, flooring, kitchen, bathrooms, exterior improvements, and more. Individually metered for gas, electricity, and tenants pay their own trash further minimizing the operating expenses. Non-LA-City rent controlled asset allowing significant 8% annual rent increases (5%+CPI) for future upside. The property also offers on-site laundry and parking that generates additional income. Prime North Long Beach location minutes from the beach and central to the 405, 710 and 605 Freeways, offering tenants easy access to attractions and employers across the region. Long Beach is a popular rental market and population and employment hub with easy access to the beach, colleges (such as Cal State Long Beach), and major attractions including the Queen Mary, Aquarium of the Pacific, and more. Long Beach offers investors the opportunity to acquire assets in a coastal rental market with low vacancy rates without premium coastal pricing.

Price History

Date
Event
Price
08/27/25
Price Change
$2,850,000-4.8%
07/01/25
$2,995,000
01/16/24
Sold
$1,425,000
10/29/10
Sold
$144,000
03/31/10
Sold
$44,000
Condition Rating
Excellent
Despite being built in 1962, the property has undergone extensive and recent renovations. The listing explicitly states '10 Renovated Non-Rent Controlled units' and 'Most units boast updated cabinets, flooring, kitchen, bathrooms, exterior improvements.' Furthermore, it includes '2 brand-new attached ADUs.' The images confirm this, showcasing modern kitchens with new cabinets, countertops, subway tile backsplashes, and contemporary appliances (both black and stainless steel). Flooring appears to be new hardwood-style laminate throughout. The ADU units, in particular, look virtually brand new with very current finishes and recessed lighting. The exterior also appears freshly painted and well-maintained. This level of comprehensive and recent renovation, especially the brand-new ADUs, aligns with the 'Excellent' criteria of being extensively renovated within the last 5 years with components that are new or virtually new.
Pros & Cons

Pros

High Cash Flow & Cap Rate: The property boasts an impressive 6.25% current Cap Rate from day one, indicating strong immediate cash flow and return on investment.
Non-Rent Controlled Asset: As a non-LA-City rent-controlled asset, it allows for significant 8% annual rent increases (5%+CPI), providing excellent future upside and protection against restrictive regulations.
Extensively Renovated Units: Most units and the exterior have been updated with new cabinets, flooring, kitchens, and bathrooms, minimizing immediate capital expenditure for a new owner.
Minimized Operating Expenses: Units are individually metered for gas and electricity, and tenants pay their own trash, significantly reducing the landlord's operational costs.
Prime Location & Strong Market: Located in prime North Long Beach with excellent freeway access (405, 710, 605), minutes from the beach, colleges, and major attractions, benefiting from a popular rental market with low vacancy rates.

Cons

Age of Property: Built in 1962, the property's older core infrastructure, despite renovations, may lead to higher long-term maintenance costs or unexpected capital expenditures for major systems.
Recent Price Reduction: The recent price reduction from $2.995M to $2.85M could indicate initial overpricing or a slower market response, potentially suggesting a need for further market testing or a more cautious valuation.
Limited Tenant Amenities: Beyond on-site laundry and parking, the property description does not highlight additional modern amenities (e.g., gym, communal outdoor spaces) that newer multi-family developments often offer, which could impact tenant attraction or retention.

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