
Long Beach, California 90802
Analysis of 531 W 5th Street, Long Beach, California 90802 is currently available with a list price of $1,395,000. The property maintains a Fair Condition Rating (50/100), suggesting the property is in acceptable condition with potential for value enhancement through selective updates and improvements. Located in a high-demand neighborhood within the Long Beach Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for both Buy-and-Hold Investors and Owner-Occupants willing to undertake light renovation work.
Property is moderate renovation needed.
Built in 1923, this multi-unit property is functional but dated. While the main home includes a newer mini-split HVAC system, the bathroom and exterior show significant age and basic finishes. The property is move-in ready but requires modernization across the units and systems to meet contemporary standards, aligning with the listing's focus on future development potential.
The property features a vacant 3-bedroom main home plus six additional rental units, offering a rare opportunity for an owner-occupant to offset mortgage costs with significant passive income.
A vacant 5-car garage provides a massive advantage in the dense Downtown Long Beach area, offering potential for additional rental income or secure storage for a car enthusiast.
With a generous 7,518 sqft lot and approved plans for future expansion, the property offers immediate value-add potential and long-term growth for investors or multi-generational families.
Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 3, other record bedroom count = 2.
The primary 3-bedroom residence only contains one bathroom, which may be a functional drawback for larger families or modern tenant expectations.
Originally built in 1923, the property may require ongoing maintenance or capital improvements to aging systems, despite recent updates to the front unit.
SELLER FINANCING AVAILABLE! LIVE IN ONE AND RENT THE OTHER 6 531 W 5th St presents a unique opportunity for a buyer seeking the space, privacy, and flexibility of a single-family residence with the added benefit of substantial rental income. The property features a vacant 3-bedroom/1-bath front home with a full kitchen, dedicated dining area, Ring camera, and mini-split system, offering the feel and functionality of a standalone residence while the additional units generate income to help offset ownership costs. Beyond the main home, the property includes six additional rental units and a vacant 5-car garage, creating exceptional flexibility for an owner-occupant. The garage provides ample parking and storage, with the potential to generate additional income or be incorporated into the property's future development plans. For a homeowner, 531 W 5th St offers a rare chance to enjoy a private 3-bedroom residence while benefiting from multiple additional income streams. For extended families, multigenerational households, or buyers looking for additional space and flexibility, the property's existing layout and development potential create numerous possibilities rarely available in the Long Beach market. Ideally located just minutes from Downtown Long Beach, the property provides convenient access to the area's renowned restaurants, bars, shopping, entertainment, waterfront, and major transportation corridors. With a private residence, significant parking, established rental income, and approved plans for future expansion, 531 W 5th St offers the opportunity to own a home while letting the property work for you.
No exterior & parking available.
Grades K-5 • 0.1 mi
Grades K-5 • 0.5 mi
Grades K-5 • 0.9 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 3.0 | 3.0 |
| Baths | 1.0 | 2.0 |
| Square foot | 3,344 | 1,519.995 |
| Lot Size | 7,518 | 5,807.524 |
| Price | $1.40M | $1.03M |
| Price per sq ft | $417 | $728 |
| Built year | 1923 | 1948 |
| HOA | $0 | $259 |
| Days on market | 15 | 48 |
Aug 25, 2026
$1,395,000
Initial Listing
Mar 21, 2024
$975,000
Public Record